ACE FINANCE

The current Brazilian taxation system was introduced by the 1988 constitution which granted powers ate varying levels within the constitution i.e. Centre, State and Municipal governments to levy and collect taxes based on different laws within each structure. Due to the varying regulations within each structure, Brazilian tax system is very complex leading to an environment in which the taxpayers ( both , individuals and Companies ) are required to comply with many obligations which is mostly pro-government. The Brazilian Tax System is composed of 61 different taxes and contributions to the government Each of these taxes are levied with a different rate, different base different sources and collected by different institutions. Aside from taxes the companies must adhere to more than 90 ancillary obligations. More often than not companies are drowned in the numerous tax filings and its complexities and end up with liabilities due to non-compliance mainly due to a lack of consolidated...