Corporate taxes in Brazil Prepare for opportunity

Transcrição

TM
Corporate taxes in Brazil
Prepare for opportunity
A practical guide from the Economist Intelligence Unit
www.eiu.com
Overview
The fiscal revenue system in Brazil is characterised by a heavy tax burden, a narrow tax base,
complicated levies and widespread tax evasion. With overlapping jurisdictions, the tax regime
remains complex. Taxes are payable by all private business entities domiciled in Brazil, including
companies and sole partnerships, branches and agencies of corporations with head offices elsewhere.
Companies, both foreign and domestic, employ tax professionals and devote considerable resources
to managing their tax affairs.
Corporate taxes are regulated by the 1998 federal constitution, the National Tax Code (Código
Tributário Nacional) of 1966, the Federal Income Tax Code of 1999 (Regulamento do Imposto de
Renda), and various government decrees and administrative court rulings.
The federal government levies direct tax on corporate income through two taxes: the corporate
income tax (imposto de renda da pessoa jurídica—IRPJ) and the social contribution on the net
profit (contribuição social sobre o lucro líquido—CSLL). The federal government is also entitled to
the collection of other relevant taxes: the value-added tax on manufactured goods (imposto sobre
produtos industrializados—IPI); value-added tax on financial transactions (imposto sobre operações
financeiras—IOF); rural property tax (imposto sobre a propriedade territorial rural—ITR); two social
contributions taxes on turnover or billings—contribuição para financiamento da segurança social
(COFINS) and contribuição para o programa de integração social (PIS); employer social-security
contributions (contribuições previdenciárias—INSS); and import/export duties.
The Brazilian states and the federal district of Brasília impose a value-added sales tax on goods
and services (imposto sobre as operações relativas à circulação de mercadorias e sobre a prestação
de serviços de transporte interestadual e intermunicipal e de comunicação—ICMS); they also levy
taxes on inheritances and gifts (imposto sobre a transmissão causa mortis e doação—ITCMD) and on
motor-vehicle property (imposto sobre a propriedade de veículos automotores—IPVA). Finally, the
municipalities are allowed to charge taxes on services (imposto sobre serviços—ISS), urban property
(imposto sobre a propriedade predial e territorial urbana—IPTU) and on transfers of urban real
property (imposto sobre transmissão de bens imóveis—ITBI).
The complicated and multi-layered tax system is a big impediment to doing business in Brazil. The
World Bank’s Doing Business 2011 survey found that it takes a typical company in Brazil 2,600 hours
a year to pay its taxes, putting Brazil in 152nd place among 183 countries surveyed for ease of paying
taxes. Moreover, the effective tax burden is high. In an effort to streamline tax collection, in April
2006 the government introduced a new digital book-keeping system (Sistema Público de Escrituração
Digitalor—SPED), which integrates federal, state and municipal tax agencies. Implementation of
SPED continues, and it should be completed by mid-2012.
The federal government’s tax revenues totalled R826bn in 2010, up from R698.3bn in 2009 and
R685.7bn in 2008. The government collected R482.6bn in the first six months of 2011, up from
R379.6bn over the same period in 2010.
The government proposed its latest fiscal-reform—to streamline the numerous taxes—to the
legislature in February 2008, with little progress so far. The biggest obstacle has been opposition
© The Economist Intelligence Unit Limited 2012
from some federal states that would suffer financially from the proposal for a unified value-added tax
to replace the 27 different state-levied ICMS taxes.
Tax regime
(score; 10=good)
Latin America (av)
Brazil
10.0
8.0
6.0
4.0
2.0
0.0
2006
07
08
09
10
11
12
Source: Economist Intelligence Unit.
Corporate tax rates
The government has not changed direct corporate income taxes for several years. Instead, it has
altered deductions and indirect tax rates. The effective tax rate on corporate income is 34% (slightly
less for smaller companies). This figure comprises two taxes: (1) the corporate income tax (imposto
de renda da pessoa jurídica—IRPJ) base rate of 15%, plus a 10% surcharge on monthly income that
exceeds R20,000; and (2) the social contribution on net profit (contribuição social sobre o lucro
líquido—CSLL), which is generally levied at a 9% rate.
A higher CSLL rate may apply depending on the business sector. For example, financial institutions
have to pay a 15% rate.
Micro-enterprises and small companies may elect to accrue federal taxes under the consolidated
optional single tax rate—the so-called Simples Nacional system. Government officials in 1996 created
the Simples Nacional regime to make it easier for smaller companies to pay taxes. But that system still
subjects small companies to certain federal, state and local taxes that vary by tax jurisdiction. A law
(Complementary Law 123/2006, dubbed Simples) approved on December 14th 2006 expanded the
standardised treatment for micro- and small enterprises from the federal level to include state and
local obligations, which may also be paid through the Simples Nacional system instead of through
separate filings. The law also updated the definition of micro-enterprises to include companies with
annual earnings of up to R240,000, and small enterprises with annual earnings of R240,001–2.4m.
The legislation also opened the simplified tax treatment to companies in the service sector previously
excluded from the Simples, such as accountancies, cleaning and conservation companies, security
companies, construction companies and engineering companies.
Corporate tax rates, 2011
The following is a simplified calculation of 2011 income taxes for a corporation operating in Brazil with an annual
taxable income of R10m.
Taxable income
R10,000,000
Social-contribution tax (9%)
900,000
Income tax (15% corporate tax rate)
1,500,000
Income tax (10% surtax rate on taxable income exceeding R20,000)
998,000
Total corporate income tax payment
3,398,000
Effective income tax rate
33.98%
Source: Ernst & Young Terco São Paulo.
Taxable income defined
Brazilian tax law allows a business to elect to compute the corporate income taxes via one of two
methods—by actual profit or presumed profit.
Actual-profit method. Under this method, income tax applies to operating profits generated by a
company in Brazil. Operating profits are defined as gross operating revenues, less the following: the
cost of goods sold; commercial, administrative and operating expenses; and other charges, reserves
and losses that are authorised by law. Foreign-sourced income received by a company in Brazil is
taxable as regular income, but credit is given for taxes paid abroad. Not included in taxable income are
dividends received from other Brazilian companies and income derived from premiums received from
corporations issuing new shares. Since the beginning of 1996, corporate and individual income tax
calculations use nominal income.
Companies may generally deduct expenses that are necessary to the activity of the business.
Exchange losses (realised or not) on obligations in foreign currency also are a deductible expense.
Losses on loans to acquire fixed assets are offset against a special tax-adjustment reserve. Companies
may indefinitely carry forward net operating losses, but they are limited to 30% of each year’s taxable
income. Carry-backs are not allowed.
A number of special provisions cover deductible expenses. For example, there are limits on
deductibility of royalties and fees. A few deductions exist for employee-meal programmes, investments
in northern Brazil, and investments in computers and employee training. Some incentive deductions
require special accounting procedures. Incentives such as accelerated-depreciation rates or mineraldepletion allowances based on gross revenue, rather than actual depletion, must first be posted based
on the expected useful life of the asset. The difference between the normal and the accelerated value is
booked in a special ledger for tax purposes.
Presumed-profit method. Alternatively, if certain requirements are met, a business entity may
elect to calculate its taxable income by using the corporate income tax (imposto de renda da pessoa
jurídica—IRPJ) and the social contribution on the net profit (contribuição social sobre o lucro
líquido—CSLL) based on the presumed-profit system. Under this calculation method, taxable income
corresponds to a fixed profit margin on gross sales revenues and any revenue other than that derived
from sales (including income that arises from capital gains).
Depreciation
Depreciation allowances are calculated on a straight-line basis. Fixed assets are depreciable at rates
applicable to established asset classes, unless there are special provisions for a higher rate. Annual
rates are 4% for buildings; 20% for vehicles (25% for industrial off-road vehicles); 20% for computer
hardware and software; and 10% for machinery, equipment and fixtures.
Companies operating two shifts a day may depreciate assets used in production at one-and-a-half
times the ordinary rate; those that run three shifts a day may use double the normal rate.
Other methods of calculating depreciation may be authorised. For instance, a company may seek an
analysis by a registered testing company to prove that faster depreciation should be allowed for a given
asset. Depreciation may be calculated on asset values corrected for inflation, but total accumulated
depreciation may not exceed the adjusted value of the original cost.
Capital taxes
The federal government has the right under the constitution to impose a wealth tax (imposto sobre as
grandes fortunas), but it has not done so.
Treatment of capital gains
The tax on equity-investment gains is 15%. For fixed-income investments, gains on bond investments
held for less than six months are taxed at 22.5%. Bonds held between six months and one year are
taxed at 20%; for 1–2 years, 17.5%; and longer than two years, 15%.
Law 11132/2006 of June 2006 grants specific tax breaks to non-Brazilian investors with holdings in
the domestic financial market. Specifically, it reduced to zero the tax on income derived from Brazilian
public bonds acquired by non-residents on or after February 16th 2006. Foreign investors can also
make advance tax payments on the income from the bonds acquired prior to February 16th 2006 at the
zero-percent tax rate.
The law established a 15% tax rate on capital gains from participation-investment funds and in
emerging companies’ investment funds. This rate drops to zero if the non-resident investor does not
hold more than 40% of the investment funds and the funds do not hold more than 5% of its equity in
debt bonds other than Brazilian public bonds.
Taxes on interest and dividends
Interest remitted abroad is subject to a 15% withholding tax (unless set at a lower rate by a tax treaty
or if it is remitted to a low-tax jurisdiction—where a 25% rate applies). Taxes may be waived on interest
paid on some long-term loans (longer than 15 years) and commercial paper (eight years).
Interest payments on domestic bank credit are levied a value-added tax on financial transactions
(imposto sobre operações financeiras—IOF), at rates that change frequently and are collected by
the lending financial institution. Decree 6613 (October 2008) eliminated the 0.38% IOF on foreignexchange transactions associated with interest payments on net equity and dividends to foreign
investors in connection with investments made in the financial and capital markets. Brazilian
intercompany interest payments are not subject to withholding tax, but are subject to the IOF.
Dividends paid to residents and non-residents from profits accrued after December 31st 1995 are
not subject to withholding tax and are not included in the taxable income of resident recipients.
Taxes on royalties and fees
Royalties and other fees paid to foreign companies are subject to 15% withholding tax (unless set at a
lower rate by a tax treaty). A licensee may deduct such payments from taxable income up to a maximum
of 5% of gross receipts. The limit for trademark royalties is 1%. A company that wants to deduct
royalties and technical-assistance fees paid to foreign companies must register the relevant contracts
with the National Institute of Industrial Property (Instituto Nacional da Propiedade Industrial), and
the services must effectively be rendered. A special contribution (contribuição de intervenção do
domínio econômico–CIDE) may apply at a rate of 10% on the royalty payment.
Double-tax treaties
Brazil has negotiated treaties to avoid double taxation with Argentina, Austria, Belgium, Canada,
Chile, China, the Czech Republic, Denmark, Ecuador, Finland, France, Hungary, India, Israel, Italy,
Japan, Luxembourg, Mexico, the Netherlands, Norway, the Philippines, Peru, Portugal, Slovakia,
South Africa, South Korea, Spain, Sweden and Ukraine. The agreement with Peru is the most recent; it
was signed in August 2009 and implemented in February 2010.
Brazil signed a tax treaty with Paraguay in 2000, but the treaty had not yet been ratified as at
September 2011. An agreement with the United States also remains unratified, pending the conclusion
of negotiations. Germany decided in April 2005 that it would not renew its tax treaty with Brazil since
the rates in the accord did not provide preferential treatment for German investors; the accord lapsed
on June 1st 2006.
The treaties generally stipulate that companies may offset the corporate taxes they pay to
other countries against income taxes in Brazil, and vice-versa. The treaties also set special rates of
withholding taxes on interest, royalties and technical-assistance fees.
Withholding tax rates under double-tax treatiesa (%)
Country of recipient
Dividends
Interest
Royalties
Argentina
0
15
15
Austria
0
15a
15b
Belgium
0
15
15
Canada
0
15a,c
15
Chile
0
15
15
China
0
15
15
Czech Republic
0
15
15
Denmark
0
15
15
Ecuador
0
15
15
Finland
0
15
15
France
0
15
15
Hungary
0
15a,c
15
India
0
15
15
Israel
0
15
15
Italy
0
15a
15
Japan
0
12.5
15
Luxembourg
0
15a,c
15
Mexico
0
15
15
Netherlands
0
15
15
Norway
0
15
15
Paraguayd
0
15
15
Peru
0
15a
15
Philippines
0
15
15
Portugal
0
15
15
Slovakia
0
15
15
South Africa
0
15a
15
South Korea
0
15
15
Spain
0
15
15
Sweden
0
15a
15
Ukraine
0
15
15
(a) Interest is exempt from tax if it is paid to the government of the other contracting state, a political
subdivision thereof or any agency (including a financial institution) wholly owned by that government or its
political subdivision. (b) The withholding rate is 10% for royalties for copyrights of literary, artistic or scientific
works, or for films or videotapes for television or radio broadcasting produced by a resident of a contracting
state. (c) The withholding rate is 10% for interest on certain bank loans with a minimum term of seven years.
(d) Signed, but not yet ratified at end-August 2011.
Sources: Corrêa Meyer e Nastromagario Advogados.
Intercompany charges
Local companies may deduct from taxable income approved payments to foreign affiliates for direct
purchases of equipment/material, shared expenses and management fees. Majority-owned Brazilian
subsidiaries may not deduct payments to foreign parent companies for technical assistance.
Regulations adopted in 1997 contained provisions to reduce tax evasion by subsidiaries of
multinational companies through transfer pricing (essentially, under-billing their overseas parents on
exports and over-billing them on imports to reduce their Brazilian tax liability).
Brazilian legislation on transfer pricing adopts a transaction-by-transaction approach. As a general
rule, it does not contemplate risk and functional analysis as key factors to determine the application of
the methods and the determination of the profit margins.
The transfer-pricing rules apply to the import or export of goods, services and rights from or to a
related party that is non-resident in Brazil. One of the transfer-pricing methods of the law will have to
be used to justify the price of the transaction.
In an export transaction, if the effective price (price applied by the parties) is lower than the
reference price (price obtained by using one of the transfer pricing methods according to the
applicable law), the difference is considered to be unreported revenue and is included as taxable
income for purposes of the corporate income tax (imposto de renda da pessoa jurídica—IRPJ) and the
social contribution on the net profit (contribuição social sobre o lucro líquido—CSLL).
In an import transaction, if the effective price is higher than the reference price, the difference is
considered to be a non-deductible cost and it is added back to taxable income for purposes of both the
IRPJ- and CSLL tax.
Turnover, sales and excise taxes
Brazilian states levy the value-added tax on goods and services (imposto sobre as operações relativas à
circulação de mercadorias e sobre a prestação de serviços de transporte interestadual e intermunicipal
e de comunicação—ICMS). Typically, states assess this tax on the value added at each transfer of
products and some major services (such as transport, electricity and telephone). Administration is
complex, and extensive documentation for the transport and sale of goods is required to collect ICMS.
Certain products (like petroleum derivatives) benefit from ICMS exemptions in some states. The tax
also applies to imports but not to exports or imports under the drawback scheme. A bill to combine
the ICMS with other federal-level value-added taxes remains pending as at September 2011. The state
governments strongly oppose the proposal since they would lose revenue if such a combination were to
take place.
Cities levy a municipal tax on services (imposto sobre services—ISS) at 2–5%. Most large
municipalities charge 5% on each billing.
The federal value-added tax on manufactured goods (imposto sobre produtos industrializados—IPI)
applies on an ad valorem basis to a wide variety of manufactured goods and products when they
physically leave an industrial plant or enter the country as imports. IPI rates vary widely (0–365.6%);
basic foods are at the lower end, and cigarettes and alcohol are at the upper end of the scale. For
imports, the IPI applies on the cost-insurance-freight (cif) value plus import duty. Exports are exempt.
The federal social contributions—contribuição para financiamento da segurança social (COFINS)
and contribuição para o programa de integração social (PIS)—are value-added taxes levied at 7.6% for
COFINS and 1.65% for PIS. Eligible export companies became exempt from these taxes in June 2005.
Other taxes
Special taxes apply to exchange and insurance operations, real-property transfers and rural-land
ownership. Vehicle owners pay an annual ownership tax and registration fees. Owners of urban
property pay an annual municipal-property tax.
A value-added tax on financial operations (imposto sobre operações financeiras—IOF) applies
to various types of transactions, including loans, insurance policies and short-term money-market
applications. The tax rate was raised in January 2008 to 0.38–25.38%, varying in inverse proportion to
the duration of the underlying investment. The government raised the tax in an effort to make up for
some of the revenue lost by eliminating the 0.38% financial-transactions tax (contribuição provisória
sobre movimentação financeira—CPMF) at end-2007.
Foreign investors are required to pay IOF at rate of 2% on foreign-exchange transactions accruing
under the inflows of financial resources related to investments made in the Brazilian financial and
capital markets (Decree 6983, October 2009).
The IOF is not levied on foreign-exchange transactions related to the return on investment by
foreign companies in the financial and capital markets, as well as interest payments on net equity and
dividends arising from the foreign investments in the financial and capital markets.
Key contacts
l Administrative Council for Economic Defence (Conselho Administrativo de Defesa Econômica—
CADE), Setor Comercial Norte, SCN-Quadra 2, Projeção C, 70712-902, Brasília, DF; Tel: (55.61) 3221–
8599; Internet: http://www.cade .gov.br (Portuguese only).
l Amazon Development Superintendency (Superintendencia de Desenvolvimento da Amazônia—
SUDAM), Avenida Almirante Barroso, 426, 66090-900, Belém, PA; Tel: (55.91) 4008–5442/5443; Fax:
(55.91) 4008–5456; Internet: http://www.sudam.gov.br (Portuguese only).
l Banco do Brasil, Setor Bancário Sul, Quadro 1, Bloco C, Edifício Sede 3, 70073-901, Brasília, DF; Tel:
(55.61) 3310–5920; Fax: (55.61) 3310–3735; Internet: http://www.bb.com.br. The bank operates an
Export Finance Programme (Programa de Financiamento às Exportações—Proex); Internet: http://
www.bb.com.br/.
l BM&FBovespa (formerly Bolsa de Valores de São Paulo—Bovespa), Praça Antonio Prado, 48, 01013001, São Paulo, SP; Tel: (55.11) 2565–4000; Internet: http://www.bovespa.com.br/.
l Brazilian Association of Listed Companies (Associação Brasileira das Companhias Abertas—
Abrasca), Rua Boa Vista 63, 01014-001, São Paulo, SP; Tel: (55.11) 3107–5557; Internet: http://www.
abrasca.org.br (Portuguese only).
l Brazilian Export Credit Insurer (Seguradora Brasileira de Crédito à Exportação—SBCE), Rua Senador
Dantas, No. 74, 20031-205, Rio de Janeiro, RJ; Tel: (55.21) 2510–5000; Fax: (55.21) 2262–8672;
Internet: http://www.sbce.com.br/ us/index.asp.
l Brazilian Foreign Trade Association (Associação de Comércio Exterior do Brasil—AEB), Avenida
General Justo, 335, 20021-130, Rio de Janeiro, RJ; Tel: (55.21) 2544–0048; Fax: (55.21) 2544–0577;
Internet: http://www.aeb.org.br/home.htm (Portuguese only).
l Brazilian Franchising Association (Associação Brasileira de Franchising—ABF), Avenida das
Nações Unidas, 10989, 04578-000, São Paulo, SP; Tel: (55.11) 3020–8800; Internet: http://www.
portaldofranchising.com.br (Portuguese only).
l Brazilian Small Enterprise Assistance Service (Serviço Brasileiro de Apoio ás Micro e Pequenas
Empresas—Sebrae), SEPN, Quadra 515, Bloco C, Loja 32, 70770-530, Brasília, DF; Tel: (55.61) 3348–
7128; Internet: http://www.sebrae. com.br/customizado/sebrae/institucional/sebrae-in-english.
l Central Bank of Brazil (Banco Central do Brasil), Edifício Sede Banco Central, Setor Bancário Sul,
Quadra 3, Bloco B, 70074-900, Brasília, DF; Tel: (55.61) 3414–2401 thru 2406; Fax: (55.61) 3414–2553;
Internet: http://www.bcb.gov.br/?english.
l Corrêa Meyer e Nastromagario Law Firm, Rua Fradique Coutinho, 1271, 05416-011, São Paulo; Tel:
(55.11) 3011–0700; Fax: (55.11) 3031–6261; Internet: http://www.cmnadvogados.com.
l Ernst & Young Terco São Paulo, Avenida Presidente Juscelino Kubitschek, 1.830, Floors 5–8, 04543900, São Paulo; Tel: (55.11) 2573-3000; Internet: http://www.ey.com.br.
l Federal Revenue Service of Brazil (Receita Federal do Brasil), Esplanada dos Ministérios, Ministério
da Fazenda, Edifício Sede, Bloco P, 70048-900, Brasília, DF; Tel: (55.61) 3412–2000/3000; Internet:
http://www.receita.fazenda.gov.br/ (Portuguese only).
l Investment Promotion and Technology Transfer System (Sistema de Promoção de Investimentos e
Transferência de Tecnologia para Empresas—Sipri), Ministry of External Relations, Trade Promotion
Dept, Esplanada dos Ministérios, Bloco H, Anexo I, Sala 528, 71070–900, Brasília, DF; Tel: (55.61)
3411–6392; Fax: (55.61) 3322–0827; Internet: http://www.brasilglobalnet.gov.br/Investimentos/P/
sipri.aspx.
l IRB-Brasil Resseguros, Avenida Marechal Câmara, 171, 20020-901, Rio de Janeiro, RJ; Tel: (55.21)
2272–0200; Fax: (55.21) 2272–2800; Internet: http://www2.irb-brasilre.com.br/site/ (Portuguese
only).
l Ministry of Agriculture, Livestock and Supply (Ministério da Agricultura, Pecuária e Abastecimento),
Esplanada dos Ministérios, Bloco D, 70043-900, Brasília, DF; Tel: (55.61) 3218–2828; Internet: http://
www.agricultura.gov.br (Portuguese only).
l Ministry of Development, Industry and Commerce (Ministério do Desenvolvimento Indústria e
Comércio Exterior—MDIC), Espl dos Ministérios, Bloco J, 70053-900, Brasília, DF; Tel: (55.61) 2109–
7000; Internet: http://www.mdic.gov.br/ (Portuguese only). This ministry houses the Foreign Trade
Chamber (Câmara de Comércio Exterior—Camex).
l Ministry of External Relations (Ministério das Relações Exteriores), Trade Promotion Dept, Esplanada
dos Ministérios, Bloco H, 70170-900, Brasília, DF; Tel: (55.61) 3411–6778/6313; Fax: (55.61) 3411–
6900; Internet: http://www.mre.gov.br/.
l Ministry of Finance (Ministério da Fazenda), Esplanada dos Ministérios, Bloco P, 70048-900,
Brasília, DF; Tel: (55.61) 3412–2000/3000; Fax: (55.61) 3226–9084; Internet: http://www.fazenda.
gov.br (Portuguese only).
l Ministry of Justice (Ministério da Justiça—MJ), Esplanada dos Ministérios, Bloco T, 70064-900,
Brasília, DF; Tel: (55.61) 2025–3587; Internet: http://www.mj.gov.br (Portuguese only).
l Ministry of Labour and Employment (Ministério do Trabalho e Emprego—MTE), Esplanada dos
Ministérios, Bloco F, 70059-900, Brasília, DF; Tel: (55.61) 3317–6000; Internet: http://www.mte.gov.
br/trab_estrang_ing/default.asp.
l Ministry of Mines and Energy (Ministério de Minas e Energia—MME), Esplanada dos Ministérios,
Bloco U, 70065-900, Brasília, DF; Tel: (55.61) 3319–5555; Internet: http://www.mme.gov.br
(Portuguese only).
l Ministry of Science and Technology (Ministério da Ciência e Tecnologia—MCT), Esplanada dos
Ministérios, Bloco E, 70067-900, Brasília, DF; Tel: (55.61) 3317–7500; Internet: http://www.mct.gov.
br (Portuguese only).
l Ministry of the Environment (Ministério do Meio Ambiente—MMA), Esplanada dos Ministérios, Bloco
B, 70068-900, Brasília, DF; Tel: (55.61) 3317–1000; Internet: http://www.meioambiente.gov.br/sitio/
en/.
l National Association of Vehicle Manufacturers, (Associação Nacional dos Fabricantes de Veículos
Automotores—Anfavea), Avenida Indianópolis, 496, 04062-900, São Paulo, SP; Tel: (55.11) 2193–
7800; Fax: (55.11) 2193–7825; Internet: http://www.anfavea.com.br (Portuguese only).
l National Bank for Economic and Social Development (Banco Nacional de Desenvolvimento
Econômico e Social—BNDES), Avenida República de Chile, 100, 20031-917, Rio de Janeiro, RJ; Tel:
(55.21) 2172–7447; Internet: http://www.bndes.gov.br/SiteBNDES/bndes/bndes_en/.
l National Confederation of Industry (Confederação Nacional da Indústria—CNI), Edifício Roberto
Simonsen, Setor Bancário Norte, Quadra 1, Bloco C, 70040-903, Brasília, DF; Tel: (55.61) 3317–
9989/9993; Fax: (55.61) 3317–9994; Internet: http://www.cni.org.br/ (Portuguese only).
10
l National Institute of Industrial Property (Instituto Nacional da Propiedade Industrial—INPI), Praça
Mauá, 7, 20081-240, Rio de Janeiro, RJ; Tel: (55.21) 2139–3000; Internet: http://www.inpi.gov.br/
(Portuguese only).
l National Petroleum, Natural Gas and Biofuels Agency (Agência Nacional do Petróleo, Gás Natural e
Biocombustíveis—ANP), Avenida Rio Branco, 65, 20090-004, Rio de Janeiro, RJ; Tel: (55.21) 2112–
8100; Fax: (55.21) 2112–8129/39/49; Internet: http://www.anp.gov.br/ (Portuguese only).
l National Telecommunications Agency (Agência Nacional de Telecomunicações—Anatel), SAUS,
Quadra 6, Blocos C, E, F and Bloco H, 70070-940, Brasília, DF; Tel: (55.61) 2312–2000; Fax: (55.61)
2312–2002; Internet: http://www.anatel.gov.br (Portuguese only).
l North-east Development Superintendency (Superintendencia de Desenvolvimento do Nordeste—
Sudene), Praça Ministro João Gonçalves de Souza, 50670-900, Recife, PE; Tel: (55.81) 2102–
2830/2818/2114; Internet: http://www.sudene.gov.br/site/index.php?idioma=ptbr (Portuguese
only).
l São Paulo State Federation of Industry (Federação das Indústrias do Estado de São Paulo—FIESP),
Av Paulista, 1313, 01311-923, São Paulo, SP; Tel: (55.11) 3549–4499; Internet: http://www.fiesp.com.
br/ (Portuguese only).
l Secretariat of Economic Law (Secretaria de Direito Econômico—SDE), Ed Palácio da Justiça,
Esplanada dos Ministérios, Bloco T, 70064-900, Brasília, DF; Tel: (55.61) 3429–3112/3409; Internet:
http://www.mj.gov.br/sde (Portuguese only).
l Secretariat for Economic Monitoring (Secretaria de Acompanhamento Econômico—SEAE),
Esplanada dos Ministérios, Bloco P, 70048-900, Brasília, DF; Tel: (55.61) 3412–2360; Fax: (55.61)
3225–0971; Internet: http://www.seae.fazenda. gov.br/?set_language=en.
l Securities Commission (Comissão de Valores Mobiliários—CVM), Rua Sete de Setembro 111, 20050901, Rio de Janeiro, RJ; Tel: (55.21) 3554–8686; Internet: http://www.cvm.gov.br/ingl/indexing.asp.
l Superintendency of the Manaus Free-Trade Zone (Superintendência da Zona Franca de Manaus—
Suframa), Avenida Ministro Mario Andreazza, 1424, Distrito Industrial, 69075-830, Manaus, AM; Tel:
(55.92) 3321–7000; Fax: (55.92) 3237–6549; Internet: http://www.suframa.gov.br (Portuguese
only).
l US Foreign Commercial Service, US Consulate in Rio de Janeiro, Av Presidente Wilson, 147, 20030020, Rio de Janeiro, RJ; Tel: (55.21) 3823–2000; Fax: (55.21) 3823–2003; Internet: http://www.
embaixadaamericana.org.br. The commercial service in São Paulo is at Rua Thomas Deloney 381,
04710-110, São Paulo, SP; Tel: (55.11) 5186–7390; Fax: (55.11) 5186–7399; Internet: http://www.
focusbrazil.org.br/siteUSA/index.htm.
11
Access analysis on over 200 countries
worldwide with the Economist Intelligence Unit
T
he analysis and content in our reports is derived from our extensive economic, financial, political
and business risk analysis of over 203 countries worldwide.
You may gain access to this information by signing up, free of charge, at www.eiu.com.
Click on the country name to go straight to the latest analysis of that country:
G8 Countries
l Canada
l Germany
l Japan
l United Kingdom
l France
l Italy
l Russia
l United States of America
l Russia
l India
l China
l Colombia
l Vietnam
l Turkey
l Indonesia
l Egypt
l South Africa
BRIC Countries
l Brazil
CIVETS Countries
Or view the list of all the countries.
Further reports are available from Economist Intelligence Unit and can be downloaded at
www.eiu.com.
Should you wish to speak to a sales representative please telephone us:
Americas: +1 212 698 9717
Asia: +852 2585 3888
Europe, Middle East & Africa: +44 (0)20 7576 8181
12
Access analysis and forecasting of major
industries with the Economist Intelligence Unit
I
n addition to the extensive country coverage the Economist Intelligence Unit provides each month
industry and commodities information is also available.
The key industry sectors we cover are listed below with links to more information on each of them.
Automotive
Analysis and five-year forecast for the automotive industry throughout the world providing detail on a
country by country basis
Commodities
This service offers analysis for 25 leading commodities. It delivers price forecasts for the next two years
with forecasts of factors influencing prices such as production, consumption and stock levels. Analysis
and forecasts are split by the two main commodity types: “Industrial raw materials” and “Food,
feedstuffs and beverages”.
Consumer goods
Analysis and five-year forecast for the consumer goods and retail industry throughout the world
providing detail on a country by country basis
Energy
Analysis and five-year forecast for the energy industries throughout the world providing detail on a
Financial services
Analysis and five-year forecast for the financial services industry throughout the world providing detail
on a country by country basis
Healthcare
Analysis and five-year forecast for the healthcare industry throughout the world providing detail on a
Technology
Analysis and five-year forecast for the technology industry throughout the world providing detail on a
13
Meet your specific research needs with our
Custom Research service
S
uccessful strategies leave nothing to chance. That is why business leaders throughout the world
commission custom research from the Economist Intelligence Unit to enrich their insight for
sharper business decisions.
EIU Custom Research was established in 2004 to provide a superior level of knowledge to clients
who need a more thorough understanding of current markets and growth opportunities at a strategic
or operational level. This specialist service delivers bespoke business intelligence that is deeper and
broader than the published reports and subscription-based services for which we are renowned.
Benchmarking
We can provide a detailed evaluation of competitors operating in a market you are considering for
expansion, evaluate local human capital, the overseas talent market, labour market conditions and
how local regulations will affect your organisation—positively or negatively—to help you to prioritise
markets for expansion and pinpoint hidden opportunities for growth and profitability.
Find out more by reading this case study.
Country analysis
We can provide you with an in-depth understanding of specific political and economics issues and
forecasts including scenario analysis.You may be interested in business environment analysis or crosscountry benchmarking—our global reach and ability to focus on your business needs within a crosscountry framework is unparalleled.
Forecasting
We are able to help you to understand where you are most likely to find the greatest demand for your
products or services—now, and over time. Our unrivalled database of over 200 countries, combined
with our ability to offer more granular research, allows us to do this effectively.
Indexing
Our expertise is not limited to business or government applications. We can combine our analysis and
modelling capabilities with access to global academic experts to develop highly customised indexes
that highlight particular factors that your organisation needs to be aware of.
Market sizing
We can help you to determine the best markets in which to expand, how to expand effectively, and
what your organisation needs to be ready to manage this expansion. We do this by drawing from our
peerless databases of macroeconomic and demographic analysis and forecasting, combined with
sophisticated econometric modelling services.
14
Meet your specific research needs with our
Custom Research service
Product demand
We can identify where the greatest demand for your product—and the greatest opportunity for
expansion—may lie through our access to industry leaders, combined with our expert forecasting and
analysis capabilities.
Risk analysis
We can identify obstacles your company may face from exposure to new markets and new opportunities
in a comparative framework that sets unfamiliar markets and situations alongside places and activities
you already know. We can provide country-specific, operational and financial risk ratings to help
you to make informed decisions on a number of different indicators, including early warning of
possible market and industry threats in areas such as security, tax policy, supply chain, regulatory,
creditworthiness and labour markets.
Visit our website at www.eiu.com/research
Or
Should you wish to speak to a sales representative please telephone us:
Americas: +1 212 698 9717
Asia: +852 2585 3888
Europe, Middle East & Africa: +44 (0)20 7576 8181
15
Media Enquiries for the
Economist Intelligence Unit
Europe, Middle East & Africa
Asia
Grayling PR
Jennifer Cole
Tel: +44 (0)207 592 7933
Sophie Kriefman
Tel: +44 (0)20 7592 7924
Ravi Sunnak
Tel : +44 (0)207 592 7927
Mobile: + 44 (0)7515 974 786
Email: [email protected]
The Consultancy
Tom Engel
+852 3114 6337 / +852 9577 7106
[email protected]
Ian Fok
+852 3114 6335 / +852 9348 4484
[email protected]
Rhonda Taylor
+852 3114 6335
[email protected]
Americas
Grayling New York
Ivette Almeida
Tel: +(1) 917-302-9946
[email protected]
Katarina Wenk-Bodenmiller
Tel: +(1) 646-284-9417
[email protected]
16
Australia and New Zealand
Cape Public Relations
Telephone: (02) 8218 2190 Sara Crowe
M: 0437 161916
[email protected]
Luke Roberts
M: 0422 855 930
[email protected]
While every effort has been taken to verify the accuracy
of this information, The Economist Intelligence Unit
Ltd. cannot accept any responsibility or liability
for reliance by any person on this report or any of
the information, opinions or conclusions set out
in this report.
Cover image - © Sandra Gligorijevic /Shutterstock
TM
LONDON
26 Red Lion Square
London
WC1R 4HQ
United Kingdom
Tel: (44.20) 7576 8000
Fax: (44.20) 7576 8500
E-mail: [email protected]
NEW YORK
750 Third Avenue
5th Floor
New York, NY 10017
United States
Tel: (1.212) 554 0600
Fax: (1.212) 586 1181/2
HONG KONG
6001, Central Plaza
18 Harbour Road
Wanchai
Hong Kong
Tel: (852) 2585 3888
Fax: (852) 2802 7638
GENEVA
Boulevard des Tranchées 16
1206 Geneva
Switzerland
Tel: (41) 22 566 2470
Fax: (41) 22 346 93 47

Corporate taxes in Brazil Prepare for opportunity

Transcrição

Documentos relacionados

Human resources in Brazil Prepare for opportunity

WORLD TRADE

Administrative Headquarters of Soto Zen Buddhism Head Temples

Multi System Tables - Bilhares Carlos Teofilo

Recent developments in tax, 2015

1 Introduction 2 Brazilian data banks 3 Conclusion Telekomunikacja

Unidade Tópico Funções de linguagem Estrutura

3Q08 Earnings Release Schedule

Earth Song – Michael Jackson

I was surprised to discover Dictionary Review Peter A. Gergay

CURRICULUM VITAE - Anahuac de Paula Gil I. PERSONAL

click here for PDF - University of Guelph

feel the energy - West Coast Campers

IFSA-EUSFLAT 2009 Proceedings

Do pitvipers prey on mammals during daylight?

PDF

November 2012 - Veterans Fencing!

Black Sabbath in Brazil

FLEXURAL STRENGTH OF HAMMOCKS TEST REPORT

establishing a cooperative mechanism for protection of met

newsletter - St. Nicholas School

Media Clipping ROYAL ONTARIO MUSEUM – TORONTO 7th to