There are two important taxes in Brazil used to finance the country's social security system: the Contribution Over Income (COFINS) and the Contribution to the Social Integration Program (PIS). These taxes must be paid by all legal entities and are imposed on their revenues resulting from the sale of goods, the provision of services, or both, explains Glaucia Lauletta, of Mattos Filho Veiga Filho Marrey Jr e Quiroga.
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Despite the relief, Brazil’s government has also presented a bill which seeks to re-impose a tax burden on companies’ payroll, one local tax specialist told ITR
While successful pillar two implementation will require collaboration across all units, a combination of internal and external tax advice is at the centre of the effort