Brazil is to follow common Value Indirect Tax practise and exclude unconditionsl discounts from the calculation of indirect tax on manufacturing, Impostos sobre Produtos Industrializados (IPI). Brazilian IPI rates vary from 0% to over 300%, depending on the products. The Supreme Court of Brazil this month concluded that the Brazilian VAT / IPI calculation should …
VAT news tagged as "IPI"
From 8 March 2013, a number of basic foodstuffs are to qualify as exempt from the Federal Tax, IPI (Imposto sobre Produtos Industrializados. The foodstuffs (Cesta Básica) include meat, sugar, butter, fish and basic toiletaries. There are a range of consumption and VAT taxes in Brazil, which you may review in our country section.
From 1 June 2013, new Brazilian ICMS VAT invoice disclosure requirements come into force, requiring more details on taxes charged. These include: Municipal tax on services – ISS Federal tax – IPI Manufacturing federal taxes – IPI Taxes on financial and currency transactions – IOF State VAT – ICMS