Post by asadul5585 on Feb 22, 2024 8:38:22 GMT
If you have questions about what ICMS is, let's start with the acronym: Tax on Circulation of Goods and Services. It has to do with the movement of everything that is sold by a company, including to individuals, and its charges may vary between states in the country. The ICMS also applies to imported items, but not to exports. The rule that regulates all of this is called the Kandir Law, which is Complementary Law No. 87 of 1996 . Companies that do not pay tax are considered defaulters and are no longer regular. They can face tax complications and even reach the point of having to pay fines with very high interest rates. Don't compromise your business financial management . Understand how ICMS works. What is ICMS for? The collection of the Tax on the Circulation of Goods and Services is directed to both state and municipal revenue. The amount is usually invested in handling public machinery and in essential services such as health, safety and education.
Who pays ICMS Industry, commerce and the medicine, fuel, food and beverage sectors in general are taxed. The tax is levied on the operations listed below: transfer or sale of products; transport between cities and states in Brazil, both of people and goods or valuables; import of any merchandise; provision of some service abroad; It is telecommunications. Companies within these Kuwait Mobile Number List sectors that carry out any of these operations or more than one of them and are registered with the Finance Department (Sefaz) of their state pay ICMS. These enterprises have a State Registration (IE), which will confirm the fact that they are tax payers. E-book achieving zero default How to calculate ICMS It will be “embedded” in the final value of the product or service that each company sells.
Therefore, it is charged indirectly. A company only charges ICMS on each of its negotiations from the moment the sale is completed, that is, when what is acquired by the buyer or contractor actually belongs to that person. There is a tax rate included in the calculation for imports, another in the case of sales that take place in the same state and another for interstate negotiations. Check out! ICMS for imports When a product is imported, the fixed import rate, defined at 4% of the value of the product purchased, must also be added to the value. Don't forget that this value is added to the interstate tax rate (values shown in the table below) and also to DIFAL . ICMS for sales in the same state To calculate this tax charged in the same state, first of all, you will need to know the tax rate for the state in which the company is registered and operates. Then, just multiply the tax rate value by the value of each product or service. ICMS (for sales in the same state) = product value x rate in that state For basic products, the rate is around 7%, while for the vast majority of other products it will be 17% or 18%. All percentages can be found on the website of each state's Treasury Department.
Who pays ICMS Industry, commerce and the medicine, fuel, food and beverage sectors in general are taxed. The tax is levied on the operations listed below: transfer or sale of products; transport between cities and states in Brazil, both of people and goods or valuables; import of any merchandise; provision of some service abroad; It is telecommunications. Companies within these Kuwait Mobile Number List sectors that carry out any of these operations or more than one of them and are registered with the Finance Department (Sefaz) of their state pay ICMS. These enterprises have a State Registration (IE), which will confirm the fact that they are tax payers. E-book achieving zero default How to calculate ICMS It will be “embedded” in the final value of the product or service that each company sells.
Therefore, it is charged indirectly. A company only charges ICMS on each of its negotiations from the moment the sale is completed, that is, when what is acquired by the buyer or contractor actually belongs to that person. There is a tax rate included in the calculation for imports, another in the case of sales that take place in the same state and another for interstate negotiations. Check out! ICMS for imports When a product is imported, the fixed import rate, defined at 4% of the value of the product purchased, must also be added to the value. Don't forget that this value is added to the interstate tax rate (values shown in the table below) and also to DIFAL . ICMS for sales in the same state To calculate this tax charged in the same state, first of all, you will need to know the tax rate for the state in which the company is registered and operates. Then, just multiply the tax rate value by the value of each product or service. ICMS (for sales in the same state) = product value x rate in that state For basic products, the rate is around 7%, while for the vast majority of other products it will be 17% or 18%. All percentages can be found on the website of each state's Treasury Department.