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.
«
Previous post
Brazil: Daimler to Build New Factory
Brazil: Daimler to Build New Factory
Related Posts
Brazil initiates pilot program for rewarding compliant taxpayers
February 28, 2025
Brazil has introduced the Receita Sintonia pilot program, established by RFB Ordinance No 511 of 19 February 2025, to encourage corporations and nonprofits to improve their tax compliance, reduce disputes, and improve transparency. The program
Read More Brazil and Portugal push to finalise tax treaty revision
February 27, 2025
Brazil’s Ministry of Foreign Affairs has released a joint statement reaffirming Brazil and Portugal's commitment to revising the 2000 Brazil-Portugal Income Tax Treaty on 19 February 2025. This declaration was made during the XIV Brazil-Portugal
Read More
Brazil approves protocol to tax treaty with Singapore
February 25, 2025
Brazil’s Chamber of Deputies approved the ratification of a protocol amending the 2018 income tax treaty with Singapore on 13 February 2025. Signed on 17 April 2023, this is the first update to the treaty. key changes include revisions to the
Read More Brazil releases guidance on extended tax benefits for industrialised goods
February 25, 2025
Brazil’s Federal Revenue Service has issued guidance on extended tax benefits for the tax on industrialised/manufactured products (IPI) on 25 November 2024. The extension is applicable to companies investing in R&D in the north, northeast,
Read More Brazil: Chamber of Deputies approves tax treaty with Poland
February 25, 2025
Brazil’s Chamber of Deputies has approved the 2022 Brazil-Poland Income Tax Treaty through Draft Legislative Decree No. 261/2024 on 13 February 2025. The treaty, signed on 20 September 2022, is the first of its kind between the two nations. Its
Read More Brazil extends commodity transaction registration deadline
February 20, 2025
Brazil has extended the deadline for commodity transaction registration deadline, issued in Normative Instruction No. 2.249 of 6 February 2025 which outlines amendments to Normative Instruction RFB No. 2.161 of 28 September 2023 regarding transfer
Read More