The Brazilian states have been abusing their constitutional competence to charge the state value added tax (ICMS) by disregarding the legal procedure to define the taxable basis of the ICMS payable in advance in the tax substitution system (ICMS-ST), argue Júlio de Oliveira and Carolina Romanini Miguel of Machado Associados.
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The OECD had previously missed a June 30 deadline to agree an MLC on amount A; in other news, UK corporation tax bills surged to a record high last year