For this reason, when we talk about the payment of taxes, especially those that are levied on variable amounts, such as taxes on sales of products and services, it is essential that there is a projection of the collection so that afterwards a forecast is made of the amount that will be spent with the tributes.
So, when preparing your Budget for the next period, take the time to review and organize your tax planning. To understand how to prepare it correctly, you can download our e-book on the topic. In it, in addition to details on Tax Planning, you will also find a step by step how to do preventive or corrective planning. To calculate sales tax you will have the support of the sales tax calculator.
The Right Planning Options
When it comes to taxes, tax planning and business budgeting, everything seems quite complex. However, with a little more attention and the help of professionals specialized in the area, such as the accountant, the job becomes a little simpler. The important thing is not to leave the matter alone and resolve it only when the situation is out of control. Hence, the losses are certain, putting your company’s survival at risk.
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When opening a business of his own, every entrepreneur should pay special attention to the tax obligations related to his field of activity: this keeps the company legal and avoids problems with the tax authorities later. And of the main taxes used in Brazil is the ICMS, the Tax on Circulation of Goods and Services.
But do you know who should pay this tax and how to calculate the amount charged? We will tell you everything now.
ICMS goods warehouse with truck in front
The Tax on Circulation of Goods and Services is a state tax that is levied on products of different types, from household appliances to gum, and which applies to both domestic sales and imported goods .
In practice, this tax is levied indirectly , that is, its value is added to the price of the product sold or the service provided. When selling goods or carrying out any operation in which ICMS is applied, the chargeable event is carried out when the ownership of this good or service passes to the buyer. That is, the tax is only charged when the merchandise is sold or the service is provided to the consumer, who becomes the holder of this item or the result of the activity performed.