Global

Details

  • Service: Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 7/1/2014

Brazil - Follow-up on tax accounting rules aligned with IFRS 

July 1:  Rules that align tax accounting in Brazil to IFRS are effective 1 January 2015, but may be applied retroactively to 1 January 2014 if an election is made.

As previously reported in TaxNewsFlash-Americas, Law 12,973 repeals the “transitory tax regime” (whichhas been effective since 2009). Accordingly, multinational entities with operations in Brazil will want to consider the effects of the new law on payments of dividends and interest on net equity, goodwill, and depreciation.


Read a follow-up discussion of the new tax accounting rules in a July 2014 report [PDF 278 KB] prepared by KPMG’s Americas Center.




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