Brazil is one of the best-developing countries in Latin America. With a stable economy and constant progress for business development. Brazil is in the sights of many foreign companies that want to invest in countries that have a growing market.
Even though the economy of Brazil and many other countries in Latin America are stable today, their legal and tax requirements are very complex as they vary constantly and they’re very different from US and EU regulations.
If you are one of these companies with intentions to invest in Latin American countries like Brazil, what you need to know is how to deal with these demanding regulations.
The principles you need to know
Taxes are payable by all private business entities residing in Brazil. These include corporations, limited liability companies, partnerships, branches and agencies of corporations with head offices abroad. Taxes are imposed by the federal state and municipal governments.
Many business owners know that Brazil has a vast and complex taxation system, comprising federal, state and municipal taxes. The number of taxes and governmental taxes is extensive. Although, the Government and Congress are attempting to simplify and streamline taxation in Brazil.
Inventory Items and the right structure of the files asked by the local government can be a real problem for many companies that currently own or want to open subsidiaries in Brazil and the entire Latin American region. If you want to know more about inventory items in Brazil click here and read our blog about it!.
What do you need to know about taxes in Brazil
The taxation system in Brazil is complex, with over sixty forms of tax processes. Historically, tax rates were low and evasion and avoidance were widespread. Efforts from the government were made to make the tax system more efficient. Tax revenues gradually increased and become quite high by international standards, but without realizing a commensurate social benefit.
Compliance with local accounting legislations, standards, and reporting timeliness is an important requirement when expanding into new territories. With the speed of change in the tax and accounting laws in Brazil, it may be difficult for companies to stay on top of changes both to the laws and their application in their tax filing and compliance procedures.
We are here for you with more than just good news
LatamReady is the LEADING AUTHORITY within NetSuite for full tax compliance not only in Brazil but also in 18+ countries in Latin America. We solve the doubts you may have about every type of problem.
So don’t stress, keep calm because we have the best solution to make sure your company has full tax compliance in the Latin America region, which will reduce a big part of your workload and help you focus on your goals thus allowing you to expand your company.
The LatamReady SuiteApp works natively within NetSuite and is the best solution for tax issues in Latin America.
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