Brazil : ICMS amount deducted from PIS/COFINS base
Description |
Brazil has a new requirement on the exclusion of ICMS (state sales tax) from the PIS/COFINS (federal contribution on total revenue) tax base. From a certain date, a company can decide to exclude ICMS value from the calculation of PIS/COFINS base. Deduction of ICMS from PIS/COFINS base should be according to the following decisions: Sales: Customer Sales - Exit invoice issued - according to Company decision Customer Returns - Entry invoice issued by customer - according to customer - Original Exit invoice used - according to the original invoice Supplier Returns - Exit invoice issued - according to supplier rule Purchases: Supplier Invoice - Entry invoice - according to supplier rule. |
Limitations |
This applies to Domestic invoices only. |
Country availability |
Only available in Country Version Brazil. |
KB Article |
KB2241743 |