Are each of the import taxes calculated based on invoice price? or compounded on top of the other?
Are each of the import taxes calculated based on the invoice price (FOB)? or are they compounded on top of the other? what is the order of taxation? For example, I'm trying to figure out the landing cost of a FOB Miami chainsaw (USD $100) imported from USA.
Thank you
posted
Rico
Gomez
1 Answer
The taxes are calculated as following:
- Import Duty are calculated upon the CIF value in Brazil.
- IPI, PIS and COFINS are calculated upon the CIF + Import Duty
- ICMS are calculated upon CIF + Import Duty + PIS + COFINS
