Post by suborna913 on Apr 30, 2024 10:34:34 GMT
Every business owner knows that being up to date with tax obligations is essential for the company to function, this is basic.
But, with so many different taxes, it's difficult to understand how much and when you should pay, isn't it?
Today, we are going to talk about one Nigeria WhatsApp Number List of them, the ICMS. Acronym for Tax on Circulation of Goods and Provision of Services , this is a state tax (that is, each state defines the value).
He is charged for each product movement. For example, if you sell clothes and purchase your stock from a manufacturer, they pay ICMS when selling to you, and you will also pay when reselling to the customer.
Continue reading to learn more about ICMS and how it can affect your business.
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What will you read in this article?
What are the types of ICMS?
Who needs to pay ICMS?
What is exempt from ICMS?
How to calculate ICMS?
What is a Tax Rate Differential (DIFAL)?
How to pay ICMS?
What happens if I delay in paying ICMS?
Afinz and your company
What are the types of ICMS?
There are 3 types of ICMS, it is important that you know about each of them to make sure you are paying correctly.
Normal ICMS: these are the taxes above the sale of monthly products and services, those that are paid through Simples Nacional (DAE and DAS);
ICMS Tax Replacement (ST): only charged on some specific goods and on interstate sales;
ICMS Rate Differential: this applies to purchases of goods from other states.
Who needs to pay ICMS?
Basically, every company must pay. This is because ICMS applies to all sales, imports, services and transport. In other words: if your company carries out any of these activities, it must pay ICMS.
According to the law , the tax is levied on:
I — operations relating to the circulation of goods, including the provision of food and drinks in bars, restaurants and similar establishments;
II — provision of interstate and intercity transportation services, by any means, of people, goods, merchandise or valuables;
III — costly provision of communication services, by any means, including the generation, emission, reception, transmission, retransmission, repetition and expansion of communication of any nature;
IV — supply of goods with provision of services not included in the tax jurisdiction of the Municipalities;
V — supply of goods with provision of services subject to service tax, which is the responsibility of the Municipalities, when the applicable complementary law expressly subjects it to the incidence of state tax.
But, with so many different taxes, it's difficult to understand how much and when you should pay, isn't it?
Today, we are going to talk about one Nigeria WhatsApp Number List of them, the ICMS. Acronym for Tax on Circulation of Goods and Provision of Services , this is a state tax (that is, each state defines the value).
He is charged for each product movement. For example, if you sell clothes and purchase your stock from a manufacturer, they pay ICMS when selling to you, and you will also pay when reselling to the customer.
Continue reading to learn more about ICMS and how it can affect your business.
Financial Spreadsheet Banner
What will you read in this article?
What are the types of ICMS?
Who needs to pay ICMS?
What is exempt from ICMS?
How to calculate ICMS?
What is a Tax Rate Differential (DIFAL)?
How to pay ICMS?
What happens if I delay in paying ICMS?
Afinz and your company
What are the types of ICMS?
There are 3 types of ICMS, it is important that you know about each of them to make sure you are paying correctly.
Normal ICMS: these are the taxes above the sale of monthly products and services, those that are paid through Simples Nacional (DAE and DAS);
ICMS Tax Replacement (ST): only charged on some specific goods and on interstate sales;
ICMS Rate Differential: this applies to purchases of goods from other states.
Who needs to pay ICMS?
Basically, every company must pay. This is because ICMS applies to all sales, imports, services and transport. In other words: if your company carries out any of these activities, it must pay ICMS.
According to the law , the tax is levied on:
I — operations relating to the circulation of goods, including the provision of food and drinks in bars, restaurants and similar establishments;
II — provision of interstate and intercity transportation services, by any means, of people, goods, merchandise or valuables;
III — costly provision of communication services, by any means, including the generation, emission, reception, transmission, retransmission, repetition and expansion of communication of any nature;
IV — supply of goods with provision of services not included in the tax jurisdiction of the Municipalities;
V — supply of goods with provision of services subject to service tax, which is the responsibility of the Municipalities, when the applicable complementary law expressly subjects it to the incidence of state tax.