A provisional measure was published in Brazil on 15 November 2013, to establish new tax accounting rules which rescinds the transitional tax regime method and establishes the new tax rules to align Brazil’s tax accounting rules with the current IFRS-based accounting environment.
These rules will affect corporate income tax, social contribution tax on net profits and gross revenue taxes concerning various items of income or deductions. Most of the changes are effective from 1 January 2014, with some effective later from January 2015.
