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Overview of country specific accounting and VAT/Tax legislation

Accounting Requirements

Accounting Books:
  • Trial Balance
  • Detailed Trial Balance
  • Posting Journal
  • Posting Journal
  • Interface to Mastersaf (local tax and accounting sw)
Other Requirements:
  • CFOP codes (transaction classification)
  • Location Posting No. Series
  • Official currency rate to be used for transactions
  • Tax Depreciations (Fixed Assets) to be posted in General Ledger

VAT/Tax Requirements

Applicable Types
  • Sales Tax (ISSQN, ICMS, PIS, COFINS) (xxxx)
  • Withholding tax (ISSQN, IRRF, INSS, CSLL, PIS, COFINS
  • Interstate tax rules
VAT/Tax Books:
  • Tax Ledgers of purchase and sales -> interface to Mastersaf
  • Electronic detailed Sales Tax Reporting -> interface to Mastersaf
VAT/Tax Documents:
  • Special Credit Memo / Correcting Invoice
  • Government Invoice templates
Other Requirements:
  • Rules about Invoice Numbering

Usual Business Requirements

  • Electronic payments of vendors
  • Payments terms with installments


NOTE that the current Brazil implementation is customised to a specific Company and does currently not cater for production etc. The localisation will be revised during 2015 together with a new Company implementation.


DISLAIMER: No responsibility is taken of the correctness of above information. The specific accounting and VAT/Tax requirements for a company should always be confirmed with local auditors. The listed issues may not be applicable for all types of companies as well as additional issues may exist depending on the specific type of business.