Author: Victor Serrão, CPA Partner, Pitmen Auditores Independentes W: www.pitmen.com.br E: [email protected]

Edited by: Grant Gilmour, CPA (Canada, BC) CPA (USA, Arizona) Integra Tax World Newsletter Editor E: [email protected]

The Brazilian tax reform, a crucial initiative to simplify and modernize the country’s tax system, is currently being processed by the National Congress. At the moment, the Chamber of Deputies is still negotiating internally the deadline to conclude the vote on the second text that complements the tax reform. Initially, the new legislation is expected to come into force in stages, between 2025 and 2033.

The reform proposes the transition from the current model, which includes taxes such as PIS, COFINS (Contribution for the Financing of Social Security), ICMS (Tax on the Circulation of Goods and Services) and IPI (Tax on Industrialized Goods), to a taxation model through the Tax on Goods and Services (IBS) and the Contribution on Goods and Services (CBS).… Read More

Author: Grant Gilmour, CPA (Canada, BC) CPA (USA, Arizona) Integra Tax World Newsletter Editor E: [email protected]

With Contributions from: Franz Schweiger, BF Consulting Austria Dr. Filip Schade, Wagemann + Partner, Germany David Lucas, Bright Grahame Murray, United Kingdom Victor Serrao, Pitmen, Brazil Wayne Soo, Fiducia LLP, Singapore

Edited by: Mark Saunders, BA FCA Chief Operating Officer Integra International E:  [email protected]

This is a question that tax practitioners around the world are often asked. Business owners and investors and really everyone would like the calculation of tax to be as simple as INCOME multiplied by 10 PERCENT gives TAX. And income is often reported and audited by the other “type” of accountant, the Financial Accountant. Business owners are going to ask why don’t we use the same number(s) in both cases?… Read More