Brazil — Historical Events Description

Brazil flag
Brazil
Event
Non-Cumulative COFINS Law
Category
Economic
Date
2003-12-29
Country
Brazil
Description

This changed federal tax law and established non-cumulative COFINS rules for many companies. It defined the contribution base using monthly revenues under the law’s framework. The law is a major reference in Brazil’s tax system because COFINS affects a large share of business activity. It also introduced and adjusted several other federal tax provisions.