If you have a business, understanding some tax and accounting issues when making a sale is imperative to ensure that the company is in compliance with the law. Thus, you can make a good tax management so that it can grow sustainably, without any type of financial pending. Do you know, for example, what are sales taxes?
Much of it comes from the invoices issued by the company, which, in addition to ensuring complete information about what is being bought or sold, also serve to enable the government to collect due sales taxes. The values on the invoices can vary, but the fact is that there are fees present in all of them. In this post, you will learn about the main sales taxes and their rates. You can take help of taxfyle.com/sales-tax-calculator for calculating your taxes.
Being a good salesperson or sales manager is a complex task that requires talent. And as if all the challenges of a salesman were not enough, it is often still necessary to take care of the organization of the business. And that can even include the tax part, as a way, for example, to reduce costs in the company and avoid fines. So, when checking your invoices, keep an eye out to see if you have correctly collected all your taxes.
Required on any invoice, the Service Tax (ISS) is one of the most important sales taxes. Here’s how to calculate the ISS:
- The fee is collected in the city in which the service was performed, which means that the rate may vary according to the municipality, usually between 2% and 5% of the gross amount charged for the service.
- For example, if the rate in your municipality is 5% and the invoice for a service was R $ 2 thousand, this means that the ISS will be R $ 100.
The Tax on the Circulation of Goods and Provision of Services (ICMS) is another tax on mandatory sales in product invoices. It is a federal charge, referring to each service provided or product sold, whose value also varies.
This time, the variation occurs according to tables established by the states where the goods circulate, and not by the municipalities.
The Contribution to the Financing of Social Security (COFINS) on sales is levied on the monthly invoicing of the companies; therefore it varies according to the revenue of each one. It serves to finance the social security, health and social assistance of the worker. Like COFINS, there is another type of tax, the Social Contribution on Net Profit (CSLL) , which is withheld at source, that is, the amount is deducted directly from the total sale, both directed to the federal government.
PIS Or PASEP
The Social Integration Program (PIS) , as well as the Training Program for Public Employees ‘Equity (PASEP) , are used to finance unemployment insurance and workers’ wages, whether from public or private companies.
The Tax on Industrialized Products (IPI) will only be charged on invoices for products that are related to industrialization.