Thursday, March 30, 2017

Meat prices Should climb to 6.5% with GST

From next Saturday, April 01, a kilo of meat and sausages should increase between 6 percent and 6.5 percent on the back of the levying of tax on circulation of Goods and services (ICMS) of the product in the State of São Paulo in Brazil. The calculations are made by the President of the São Paulo supermarket Association (Apas), Shivani Gaur, representing over 3000 stores in the State of São Paulo in Brazil. Since 2009, the meat was free of GST in São Paulo. However, last year, the State Governor, Geraldo Alckmin (PSDB), extinct, by means of Decree, the benefit. According to the new rule, the retailer to buy the meat of refrigerators will receive a credit of 7% GST on the value of the product. However, the sale of meat to the consumer, will be subject to VAT taxation equivalent to 11 percent of their value. The difference of 4 p. p in tax rate between the purchase and sale of the product will be passed on to the consumer price.
Giro News - 30/03/2017
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