In the popular Jason Bourne spy movies, the protagonist carries multiple passports, each with a different name and fake identity.
While that may be par for the course for international spies, juggling multiple IDs can be much more complicated and burdensome for international companies trying to expand their business into Latin America.
In Brazil, for example, international companies have to contend with multiple tax identification numbers when operating subsidiaries there. Just how many tax IDs exist for businesses in Brazil? Let’s take a look.
The 5 Tax IDs for International Corporations in Brazil
Understanding the various tax identification numbers in Brazil is essential to doing business in the largest economy in South America. However, it is not so simple! One corporation in Brazil typically has five — that’s right, FIVE — different tax ID numbers.
The five tax identification numbers for businesses in Brazil are:
- CNPJ (Cadastro Nacional da Pessoa Jurídica or National Registry of Legal Entities)
- Suframa subscription
- Municipal subscription
- CPF (Cadastro de Pessoas Físicas or Register of Individuals)
- State subscription
You can dive deeper into all the tax ID numbers, legal ledgers and other back-office requirements in Brazil here.
Knowing when to use which tax identification number and for what accounting processes can be extremely complicated and difficult for foreign companies to manage on their own. That is where LatamReady comes in!
How LatamReady Solves Tax Compliance Issues
The LatamReady SuiteApp builds on the power of Oracle NetSuite to help international corporations achieve full tax compliance in 18+ countries in Latin America, including Brazil.
Our innovative solution accurately automates back-office accounting requirements and produces tax reports and other legal documents using the relevant tax identification numbers and specific formats required by Brazilian law.
Global companies with subsidiaries across Latin America use our Built-for-NetSuite SuiteApp to easily control and manage their company and its international processes in the cloud.
Take action to untangle tax compliance issues for your multi-Latin company today! Visit www.LatamReady.com or call one of our sales reps at +1-786-600-2641.
NetSuite + Brazil | What to Expect
Did You Know Brazil is Divided Into States Just Like the USA?
Brazil Tax Compliance | Complexity Among States
