State-level sales tax (ICMS) and implications for calculating social contributions (PIS and COFINS)

The Supreme Court (Supremo Tribunal Federal—STF) on 13 May 2021 issued a judgment holding that the amount of ICMS listed on an invoice can be excluded for purposes of calculating the social contributions referred to as PIS and COFINS. The high court held that the holding from this judgment applies retroactively as from 15 March 2017.

Source: KPMG

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