Brazil Compliance Roadmap 2021
Brazil is one of the most advanced countries in the world when it comes to electronic tax reporting. It is the most important issuer of electronic fiscal documents in the world.
Last year multiple compliance measures were announced by the Brazilian government. The Brazilian tax authority (Secretaria de Estado de Fazenda (SEFAZ)) has introduced new functionalities and electronic fiscal document types that must be used by taxpayers in 2021.
New types of electronic fiscal documents
- Guia de Transporte de Valores Eletrônica - GTV-e
- Nota Fiscal da Energia Elétrica Eletrônica - NF3-e
- Nota Fiscal de Comunicación – NFCom
New functionalities in the SEFAZ e-Invoicing platform
There also exists the possible approval by the Brazilian congress and senate of a bill to simplify the fiscal system. If this bill is ratified the current tax system will be restructured implying new requirements to be adopted by taxpayers.
All these changes affirm that “even though the model is one of the most efficient tax collection systems in the world, the electronic invoice is a living organism, constantly evolving in parallel with the socio-economic realities of the country”, states by William Pascheti EDICOM Brazil’s sales manager.
The adoption of new technologies in company management systems has been revolutionary for the economy, reducing costs and promoting new business practices like electronic commerce.
Digital transformation will play a major role in shared service centers in Brazil since they must guarantee their competitiveness through the adoption of new information technologies in their workflows. They must also adapt these changes to the many requirements announced by the SEFAZ.