Brazil is one of the strongest economies in Latin America, with investors moving to make the most of the ample business opportunities in the country. As the largest in the region, both by population and GDP, Brazil is a hotspot for growth in foreign business activity. The country leads the way in technological sophistication and innovation, offering an ideal platform for connecting with neighbouring markets.
How do foreign businesses know when they need to file taxes?
The taxpayer is required to file their tax return by 30th April of the year following the end of the taxable year. There is no provision for an individual to obtain an extension of time for filing the return. Late filed returns are subject to penalties and interest. Any balance due with the annual tax return must be paid on 30 April. However, the taxpayer is given the option to pay the balance in six- monthly instalments, subject to interest charges, beginning on the final filing date.
It is important for new investors to understand that behind Brazil’s attractive entrepreneurial business environment, there is a somewhat complex fiscal and tax system. Nevertheless, this shouldn’t be an obstacle in pursuing your business objectives in the economic powerhouse.
For more information about our accounting and taxation services in Brazil, please get in contact with our local team.
Learn more about our accounting and legal experts, and the accounting and taxation support we can provide.