The filing period for the Accounting-Tax Bookkeeping (ECF), for 2017 calendar year, is coming up and companies need to be aware of the instructions in the Guidance Book, which deals with the special situations of 2018.
The ECF is mandatory for all legal entities, including immune and exempt, whether they are taxed by actual profit, arbitrated profit or presumed profit.
Once the fiscal year ended on December 31 of each year for most limited companies and joint stock companies, it is important to note that the legislation in force imposes annual accounts approval.
The Federal Revenue of Brazil (RFB) Normative Instruction 1801 terminated the Statement for the Use of Foreign Currency Resources from Exports Reception (Derex), whose filing was mandatory for individuals or legal entities resident or domiciled in Brazil, maintaining foreign currency resources overseas.
The National Treasury General Attorney (PGFN) published Ordinance 33/2018, on Feb-02-2018, which regulates Article 20-B and 20-C of Law 10,522/2002 and deals with procedures to send debts for enrollment in the Active Debt (DAU) purposes.
Complex issues permeate the oil and gas segment when it comes to the tax area and accounting procedures in Brazil. To extract the full potential of this market, companies, in addition to constantly investing in more efficient technologies and better management practices, should follow the regulatory changes of the activity and improve cost and tax control.
A new tax regime for oil and gas companies was defined by the conversion of Provisional Measure No. 795/2017 into Law 13.586/ 2017 and the edition of Normative Instructions of the Federal Revenue of Brazil (RFB) and of the General Attorney of National Treasury (PGFN).
Federal Revenue of Brazil (RFB) consolidated and amended the legislation dealing with Digital Accounting Bookkeeping (ECD), through Normative Instruction (NI) 1774/2017.
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