BRAZIL CHAMBER OF COMMERCE PROMOTES SEMINAR IN NEW YORK ON TAX REFORM
AND IMPLEMENTATION OF VAT IN BRAZIL,
Brazilian-American Chamber of
Commerce, in partnership with Lefosse and EY, is organizing a seminar in New
York on June 24th, with the theme "Tax Reform and implementation of VAT in
Brazil". This event will be attended by renowned experts, such as Melina
Rocha, author of the tax reform, Sérgio Fontenelle, Partner at EY, and Vinicius
Jucá, Partner at Lefosse and Tax Professor at Fundação Getúlio Vargas.
During the seminar, speakers will discuss the proposed regulations and
the impacts that tax reform will have on different sectors of the Brazilian
economy. It will be a unique opportunity for participants to delve deeper into
the topic and share ideas about the legislation proposed for 2023.
In addition, the event will feature other panelists such as Emmanuel
Abrantes, Partner at Lefosse, and Melina Rocha, Course Director at York
University - Canada and International Consultant at the Inter-American
Development Bank.
The location of the event will be announced soon, and promises to bring
together professionals from the sector to debate and analyze the changes that
are coming to Brazilian tax policy. This seminar will be an excellent
opportunity to be updated and prepared for the transformations that will impact
Brazil's economic scenario.
Panelists:
Melina Rocha, Course Director, York University – Canada; International
VAGT/GST Consultant Consultant, Inter-American Development Bank; Sérgio
Fontenelle, Partner at EY; Emmanuel Abrantes Partner at Lefosse; Vinícius Jucá
Partner at Lefosse and tax professor at FGV Location: To be defined soon
What is VAT? Who needs to pay and why?
VAT is a tax levied on revenue, non-cumulative, that is, the tax passed
on in purchases can be deducted from the tax levied on sales, and is also
detailed in the invoice, enabling the consumer to know exactly the amount of
tax that is included. in the price of the good or service purchased.
If it were implemented in Brazil, it could replace COFINS, PIS, IPI,
ICMS, ISS and even ITBI.
To understand better, suppose, for example, that company A sells its
goods (produced without the use of inputs) for a price of 100 pounds (before
tax) to company B, which, in turn, sells its production to consumers finals for
£400 (also before tax).
Suppose further that there is a VAT with a rate of 10%. Company A will
then charge company B £110 and pass on the £10 tax to the government.
Company B will charge 440 pounds from its end consumers, passing on the
30-pound tax to the government: a 40-pound tax on its sales minus a 10-pound
credit for taxes charged on its inputs. The government will then raise a total
of £40.
The economic effect of the tax is therefore equivalent to that of a 10%
rate on final sales (there is no tax incentive for company B to change its
production methods nor for the two companies to merge), but the form of
collection ensures more effective collection.
In the real case of the United Kingdom, 20% VAT is paid and this amount
can be refunded to international tourists who are not part of the European
Union.
In other words, Brazilians who are here on vacation must ask for the VAT
(VAT Return) form at commercial establishments, fill it out in front of the
seller and, at the airport, present the form with the invoices before going
through security.
Source> Sula Costa
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