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Economy

The IRS has until September 14th to submit the CBS calculation proposal to the TCU

Tax Reform will change the way taxes are charged in the country The Federal Revenue has until September 14th to send to the Federal Audit Court (TCU) a proposal for calculating the reference rate for the Contribution on Goods and Services...

By 365 Breaking News Editorial Team 2 min read
The IRS has until September 14th to submit the CBS calculation proposal to the TCU
365 Summary

The TCU is responsible for analyzing and approving the calculations of the reference rates for CBS and the Tax on Goods and Services (IBS), steps foreseen in the transition to the new Brazilian tax system, approved by the National Congress in 2023 and which comes into effect in 2027. The Contribution on Goods and Services (CBS) will be a federal tax that...

  • The Contribution on Goods and Services (CBS) will be a federal tax that will replace PIS/Pasep and Cofins.
  • The Goods and Services Tax (IBS) will be fully charged in 2033 and will be shared between states and municipalities.
  • The IBS will replace the Tax on the Circulation of Goods and Services (ICMS) and the Tax on Services (ISS).

Editorial reading aid based only on information contained in this story and its identified source.

Tax Reform will change the way taxes are charged in the country The Federal Revenue has until September 14th to send to the Federal Audit Court (TCU) a proposal for calculating the reference rate for the Contribution on Goods and Services (CBS) for 2027 and the rate applied to government purchases, which will pay less taxes during the transition to the new model. This Thursday (20), the Minister of Finance, Dario Durigan, and the Secretary of the Federal Revenue, Robison Barreirinhas, met with the president of the TCU, Minister Vital do Rêgo, to align the final adjustments. ? The TCU is responsible for analyzing and approving the calculations of the reference rates for CBS and the Tax on Goods and Services (IBS), steps foreseen in the transition to the new Brazilian tax system, approved by the National Congress in 2023 and which comes into effect in 2027. What are IBS and CBS? The Contribution on Goods and Services (CBS) will be a federal tax that will replace PIS/Pasep and Cofins. The new tax comes into full force next year. The Goods and Services Tax (IBS) will be fully charged in 2033 and will be shared between states and municipalities. The IBS will replace the Tax on the Circulation of Goods and Services (ICMS) and the Tax on Services (ISS). Federal, state and municipal governments publish rules for implementing the tax reform Jornal Nacional/ Reproduction Definition schedule After receiving the proposal, the TCU will have until October 30th to approve the calculations of the CBS reference rate and the reduction of government purchases. Afterwards, the Federal Senate will have until December 15th to set the CBS reference rate for 2027. For 2028, the schedule foresees a new stage. The TCU will have until December 31, 2026 to approve the methodology for calculating the CBS reference rate and the reduction applied to government purchases. The definitions are part of the process of regulation and implementation of the new consumption taxation system, established by the tax reform.