The Tax Digital Bookkeeping and Other Tax Information (EFD-Reinf) is a module of the Public Digital Bookkeeping System (Sped), complementary to the System for Tax, Social Security, and Labor Obligations Digital Bookkeeping (eSocial), already in force.
The performance of any business is directly related to financial management, which must be increasingly efficient and generate accurate and reliable indicators that can serve as the basis for a global and strategic assessment of the company’s moment. Managing accounts payable and receivable, monitoring cash flow, bank accounts, and investments are key tools to maintain a responsible management.
Once the fiscal year ended on December 31 of each year for most limited companies and joint stock companies, it is important to note that the legislation in force imposes annual accounts approval.
Since March 1, the second phase of eSocial deployment has been in progress for companies with gross revenues greater than BRL 78 million, which are required to file non-recurring events data, corresponding to turnovers or changes in employee’s life at the company (hiring, leaves and terminations).
With the provision of Individual Income Tax Statement auxiliary programs by the Federal Revenue of Brazil, it is time to prepare for the deadlines and the news disclosed since the publication of RFB NI 1756/2017.
To avoid setbacks and to be able at the time of mandatory it is essential that the migration tests and procedures for the new rule be carried out as soon as possible.
Complex issues permeate the oil and gas segment when it comes to the tax area and accounting procedures in Brazil. To extract the full potential of this market, companies, in addition to constantly investing in more efficient technologies and better management practices, should follow the regulatory changes of the activity and improve cost and tax control.
This year will bring new issues for companies. Given this scenario, it will be necessary to monitor taxes and other obligations correctly, so that the company does not suffer an increase in the tax burden or do not take the of tax credits advantage to which it would be entitled.
The new labor law is being considered as the biggest change ever in the Consolidated Labor Laws (Consolidação das Leis Trabalhistas - “CLT”). The doubts are still great among employers and workers, and some aspects will become clearer over time as a result of the new procedures and new case law by Labor Court.
EFD-Reinf and eSocial: both are accessory obligations that taxpayer should meet in 2018, which require great attention to deploy, and will have a great impact on the companies' routines.