Large, medium-sized and small enterprises, as well as every Individual Micro-Entrepreneur (MEI), have a series of tax obligations to fulfill. Without this, these businesses’ operations can be jeopardized. The company can be fined and even shut down. Therefore, being up to date with these obligations is essential to continue operating legally.
Due to the number and complexity of tax obligations, companies must pay attention to both the procedures and the deadlines for the payment of taxes. Otherwise, they may run serious risks.
Legal knowledge
According to a World Bank report, Brazilian companies are the ones that spend the most time to be up to date with their tax obligations. Therefore, the more a company knows about what needs to be done, the faster it will be up to date with its obligations.
Every company that operates in Brazil needs to know the country’s complex tax legislation. Among other things, this knowledge will help them to know in which tax regime they should be registered and to which tax benefits they are entitled, for example.
Tax planning
Taxes can be levied at different levels: federal, state and municipal. For example, there is the IPI (Tax on Industrialized Products), the PIS (Program for Social Integration) and the Cofins (Social Security Financing Contribution) collected by the Union. The collection of the IMS (Goods and Services Tax) is the responsibility of the states, and the ISS (Service Tax) is the responsibility of the municipalities.
These taxes must be paid at different times of the year, and they are levied on goods and services in different ways. Dealing with so many types of taxes, as well as the different deadlines for regularization, requires fiscal planning in order not to run the risk of leaving something out.
Have a reliable partner
Companies must count on a reliable partner to carry out the tax management of their business. This work requires expertise and experience, given the abovementioned complexity of the Brazilian tax scenario. The contracted team will take care of tax compliance considering local, state, and federal tax laws, working with precision to mitigate risks.
If you are looking for such a partner, get to know Pryor Global. In the market for over 26 years, we have highly qualified professionals to ensure compliance with Brazilian tax regulations. We serve clients of various sizes and areas of activity. Talk to one of our specialists and find out how we can help you.
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