Sunnyvale, CA (PressExposure) March 15, 2013 -- The Decree 58.811/12 issued on December 30, 2012 announced the PEP program that is expected to benefit companies doing business in Brazil that have ICMS debts with the tax Authorities of the Sao Paulo state and wherein the legal payment term for the debt has already expired.
The PEP scheme grant discounts on the payment of ICMS liabilities arising from events that occurred prior to July 31, 2012. Under the program, there is reduced penalty and interest on debts arising from all events that happened prior to July 31, 2012 even if they were not registered as debts.
If a lump sum amount is paid then the taxpayer is eligible for 75% reduction in the penalty amount and 60% in interest reduction; or If the amount is paid in up to 120 installments then the taxpayer is eligible for 50% reduction in the penalty amount and 40% in interest reduction. The settlement of ICMS debts also applies to debts spontaneously reported to the tax authorities and certain ICMS liabilities of taxpayers subject to the rules of the National SIMPLES Scheme.
Subscribe to regular global tax compliance alerts from Nair & Co.@ [http://www.nair-co.com/subscribe.aspx]
For more information on this topic email firstname.lastname@example.org or to know more about our international tax consulting team and international tax services please contact us at [http://www.nair-co.com/global-offices.aspx]
About Nair & Co.
Nair & Co. provides you with your one touch outsourced finance, HR, legal and global tax compliance department for your international operations. If you are expanding abroad for the first time or increasing your global footprint, our turnkey solutions help you do so with minimal risk, stress and cost. We support 4000+ client operations in over 56 countries and have core offices in U.K., India, China, U.S., Japan and Singapore. Nair & Co. was named among the top 100 outsourcing services providers in the world by the International Association of Outsourcing Professionals (IAOP). Learn more at http://www.nair-co.com
Get the latest press releases and updates on international tax, HR, Finance, compliance and other legal news at Nair & Co. Industry Alerts.