When conducting business in Brazil, it is essential to engage with a reliable international tax accountant to improve profitability and maintain good standing with local authorities. An experienced tax accountant will have a deep understanding of accounting requirements in Brazil and will be able to identify untapped tax planning options, while ensuring all administrative and statutory responsibilities are handled accurately and promptly. This will help your business run smoothly and profitably, while avoiding any regulatory inconveniences. Brazil is referred to as the ‘Giant of South America’ and is Latin America’s largest economy. It is the 8th-largest economy in the world, with a GDP of $1.84 trillion in 2019 and a GNI of $9,130 per capita, making it an upper-middle income nation. Despite the challenges posed by the COVID-19 pandemic, the Brazilian economy is expected to return to 3% growth in 2021. Brazil is also a major destination for foreign direct investment, receiving $75 billion in inflows in 2019. This is due to its large market, skilled workforce, and growing middle class. As a member of the Southern Common Market (Mercosur), Brazil has strong commercial relations with global players such as China, the United States, and the European Union. Some of Brazil’s prime export commodities include ores, soybeans, coffee, sugarcane, and crude petroleum. Whether you are thinking of incorporating a company in Brazil or have already established a legal entity in the country, it is important to understand the role of an international tax accountant and the main taxes for businesses. An international tax accountant in Brazil can provide specialist advice on local tax regulations and corporate accounting obligations, ensuring compliance with Brazilian authorities. In addition to handling tax documents and returns, they can also assist with tax planning to help your business achieve its financial objectives and increase the likelihood of commercial success. Some of the main taxes that an international tax accountant in Brazil can help with include income tax, export tax, import tax, and tax on financial operations. Importing to Brazil requires careful consideration of financial capacity and licensing requirements, which an international tax accountant can assist with. At Biz Latin Hub, our team of business support specialists offers accounting and taxation services in Brazil, as well as market entry, legal, HR, and immigration support across Latin America and the Caribbean. Contact us to learn more about how we can help you do business in Brazil.
