Tax Authority has published guidance on the Transitory Tax Regime in the Official Gazette on 17 September 2013, introduced the Federal Law 11,941/2009. One of the main motives of Law 11,941/2009 was to make the Brazilian GAAP more adaptable with the International Financial Reporting Standards (IFRS). The adoption of IFRS in a country gives rise to tax issues owing to differences in the accounting treatment of various items under IFRS. The accounting policies under IFRS may lead to different outcomes in the financial statements and will therefore potentially affect the taxable profit. A transitional tax regime is therefore often introduced when a country is in this position.
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