Changes relating to indirect taxes effective in 2022 include measures concerning the ICMS, PIS, and COFINS.
- ICMS—Imposto sobre Circulação de Mercadorias e Serviços—is a state-level sales tax imposed on the physical movement of merchandise.
- PIS (programa de integração social) refers to an employees’ profit participation program, and COFINS (contribuição para o financiamento da seguridade social) refers to a social contribution program for social security financing.
Source KPMG
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