Article

The Brazilian tax reform represents a structural change in consumption taxation, with potential impacts on economic efficiency and business competitiveness. The study aimed to empirically analyze the effects of the transition from a cumulative system to a Value Added Tax (VAT) based model in the wholesale sector. A quantitative and comparative approach was adopted, based on data from three representative companies (Assaí Atacadista S.A., Arezzo Indústria e Comércio S.A., and Grupo Mateus S.A.) in the period from 2021 to 2025. The results indicated high cumulativeness in the previous regime, with an average Estimated Cumulativeness Index (ICE) between 0.69 and 0.77, suggesting that up to 77% of the tax burden was unrecoverable. The effective sales tax rate, which reached approximately 20.7% in companies with low value added, was reduced to about 6% to 8% in the post-reform scenario, with a reduction of up to 70% in the effective tax burden and elimination of the cascading effect. It was concluded that the reform promotes relevant gains in efficiency and economic neutrality, although with varied impacts among companies.

Keywords: wholesale market; tax reform; tax system.

This study analyzed the potential impacts of the tax reform on tax incentives applicable to the fertilizer industries in Rio Grande do Sul. The objective was to identify the main state tax incentives, analyze the changes resulting from the reform, and evaluate their effects on the tax burden of operations. The research adopted a mixed methodological approach, of an exploratory-descriptive nature, combining qualitative and quantitative analysis. Documentary analysis of Constitutional Amendment No. 132/2023 and tax legislation was used, complemented by a case study in a company in the fertilizer sector, whose data supported simulations. A simulation of the incidence of the Tax on Goods and Services (IBS) and the Contribution on Goods and Services (CBS) was carried out, considering estimated rates and the sectoral reduction foreseen for agricultural inputs. The results showed a change in the logic of tax incentives, with the substitution of direct benefits for a non-cumulative system and greater potential for credit utilization. However, the impact of the reform was not uniform, being directly related to the operational structure of companies and the nature of suppliers. It was concluded that the sector’s competitiveness will depend on efficient management of the credit chain and the reorganization of operations, requiring companies to adapt to the new rules proposed by the Tax Reform.

Keywords: CBS; Tax credit; IBS; ICMS; Non-cumulativity.

The growing insertion of cryptocurrencies in the financial market and the uncertainties about their role in investment portfolios motivated this study. Cryptoassets, focusing on Bitcoin and Ethereum, were analyzed as investment assets, evaluating their impacts on the risk and return of portfolios composed of traditional assets for the Brazilian investor. The methodology was based on Modern Portfolio Theory, simulating portfolios with different allocation levels in cryptoassets (0%, 5%, 10%, and 20%) using daily data from January 2018 to December 2024. Performance metrics were calculated, such as annualized average return, volatility, and Sharpe ratio, in addition to risk measures, including Value at Risk and Conditional Value at Risk, and a dynamic evaluation was performed using rolling windows of 252 business days. The results indicated that the inclusion of cryptoassets contributed to the improvement of the risk-return relationship of the portfolios. However, it was found that the gain in risk-adjusted performance was accompanied by a disproportionate increase in volatility and exposure to extreme losses, configuring a trade-off between efficiency and absolute risk. Moderate allocation levels (5% to 10%) proved to be more compatible with the profile of the Brazilian investor. The evidence suggested that cryptoassets can be used as a diversification tool in investment portfolios, provided that their allocation is carried out judiciously and is compatible with the investor’s risk profile.

Keywords: Asset allocation; Digital assets; Portfolio diversification; Sharpe ratio; Modern portfolio theory.

The Tax Reform, instituted by Constitutional Amendment No. 132/2023, imposed a management challenge on Brazilian municipalities by replacing the Service Tax (ISS) with the Tax on Goods and Services (IBS), shifting the collection paradigm from origin to destination. The research investigated the vulnerability of fiscal sustainability and budgetary autonomy of the municipalities belonging to the Cioeste-SP Consortium during this structural transition. The objective was to project collection scenarios for the period from 2026 to 2032 under the transition rules and evaluate the impact of tax substitution on municipal revenue. The methodology adopted consisted of a multiple case study, with a quantitative and descriptive approach, based on the comparative analysis of ISS and ICMS quota collection data from 2022 to 2025. The main results revealed a profound disparity in the region: service hubs showed a dependence on ISS greater than 40% and high per capita collection, while dormitory-profile municipalities operated with dependence rates below 10%. The implications for tax management indicated the need for administrative reengineering, including the restructuring of teams to work with the IBS Management Committee and the strengthening of direct revenues. It was concluded that strategic fiscal governance and inter-municipal planning were vital instruments to mitigate risks and ensure budgetary predictability during the period.

Keywords: Destination-Based Collection; Municipal Autonomy; Fiscal Federalism; Tax Reform; Fiscal Sustainability.

Socio-environmental issues have gained increasing relevance in the corporate context, influencing consumer evaluation of organizations and their purchasing choices. The influence of sustainability and corporate social responsibility on consumption decisions and organizational performance was analyzed, considering differences between age groups. The research, of an applied nature, with a qualitative and quantitative approach and exploratory character, was conducted through a field survey with a structured questionnaire, applied to 104 respondents. The data were analyzed with descriptive statistics and by constructing socio-environmental engagement indices, complemented by comparisons between age groups. The purchase decision was predominantly determined by traditional attributes, such as quality and price, while sustainability acted as a brand exclusion criterion, establishing minimum acceptability limits. Higher levels of socio-environmental engagement were observed among older individuals, revealing a mismatch between declared engagement and actual behavior. Sustainable practices showed an indirect relationship with organizational performance, mediated by corporate reputation, risk perception, and long-term value generation. It was concluded that sustainable action constitutes a requirement for legitimacy and permanence of companies in the contemporary market, transcending the role of a competitive differential. The study contributed methodologically with the proposition of behavioral and perceptual engagement indices for sustainability analysis.

Keywords: Consumer behavior; Purchase decision; ESG; Organizational reputation; Sustainability.

The ICMS tax credit regime on intermediate products has gained practical and legal relevance due to the jurisprudential expansion of the functional essentiality criterion and the impacts of its application on corporate tax management. The study analyzed how two industries in the furniture sector located in Rio Grande do Sul applied the understanding of the Superior Court of Justice regarding ICMS credits related to intermediate products, evaluating the conformity of the observed practices with the examined normative and jurisprudential parameters. The investigation was applied in nature and conducted through a multiple case study, with a qualitative and descriptive approach, based on the documentary analysis of fiscal, accounting, and operational information from two medium-sized industries located in Rio Grande do Sul, complemented by the examination of normative, doctrinal, and jurisprudential sources and the development of a checklist of essentiality criteria. The results revealed that recent jurisprudence favored the functional essentiality of the input, allowing the crediting of items consumed or gradually worn out when necessary for the core business activity. However, it was evident that the effectiveness of this regime depended on the companies’ ability to internalize these parameters into uniform classification and documentation criteria. The secure implementation of credit utilization was conditioned less by the existence of legal support and more by overcoming internal filters of economic materiality, classificatory heterogeneity, and evidentiary insufficiency in borderline items, which highlighted the need for consistent fiscal governance.

Keywords: Functional essentiality; Multiple case study; Fiscal governance; Non-cumulative taxation; Furniture sector.

Tax planning has consolidated itself as a strategic tool for Brazilian companies in reducing the tax burden. The study aimed to analyze the efficiency of tax planning and the advantage of transitioning from the Simples Nacional regime to the Lucro Real for an internet provider located in São Paulo. An exploratory and descriptive case study was conducted, based on bibliographic and documentary research. The company’s accounting reports and sectoral data were analyzed to contextualize the internet provider segment, employing qualitative and quantitative approaches. The results of a tax burden simulation for the calendar year 2024 under both calculation regimes were compared. It was found that the regime migration did not generate a direct tax reduction, presenting a simulated tax burden in Lucro Real 63.11% higher than that of Simples Nacional. It was concluded that, although there was no immediate tax savings, the change represented a preventive tax planning measure. This strategic transition influenced financial and strategic management, preparing the company for new cycles of growth and transformation, especially in view of the consolidation of the provider market and the ongoing tax reform.

Keywords: Tax burden; Tax avoidance; Management; Providers; Tax system.

This study analyzed the tax burden on medical clinics, focusing on a dermatological clinic, from the perspective of controllership and finance. The objective was to identify the most suitable tax regime and the possibility of equating to hospital services for financial optimization. A quantitative case study was conducted in a dermatological clinic in Mogi das Cruzes, using financial data from the fourth quarter of 2024 and 2025. Simulations compared the Simples Nacional, Presumed Profit, and Real Profit regimes, considering scenarios with and without equating to hospital services, with Simples Nacional being excluded due to revenue limits. The results showed that the Presumed Profit regime, combined with equating to hospital services, provided the lowest tax burden. This alternative generated an estimated reduction of R$ 229,200.00 (29.5%) compared to Presumed Profit without equating and R$ 183,360.00 (25.1%) compared to Real Profit, positively impacting the company’s profitability. It was concluded that tax planning, integrated with controllership and the correct application of legislation, is essential for the fiscal efficiency and growth of medical clinics, although the transition of the tax reform requires continuous monitoring.

Keywords: Tax burden; Medical clinics; Controllership; Presumed Profit; Tax planning.

This study analyzed the tax impacts of internationalization in a Brazilian textile processing industry, comparing the Presumptive Profit and Real Profit regimes and their effects on business competitiveness. The research, of an applied nature and qualitative approach, used a case study based on the analysis of the organization’s economic, fiscal, and operational data for the fiscal year 2025. Tax incentives applicable to exports were examined, such as the exemption of Tax on Industrialized Products (IPI), ICMS, PIS, and COFINS, and the possibility of maintaining tax credits. Comparative scenarios were developed between the regimes, considering the effective tax burden, pricing, cash flow, administrative complexity, and economic viability. The results showed that export operations provided a significant reduction in the indirect tax burden and the maintenance of credits, improving competitiveness. However, the simulations indicated that, even with the utilization of PIS and COFINS credits under the Real Profit regime, the overall tax burden calculated was higher than that of the Presumptive Profit regime, resulting in a lower net profit. It was concluded that remaining in the Presumptive Profit tax system proved more advantageous for the company in the analyzed scenario, and that taxation plays a strategic role in competitiveness, providing subsidies for decision-making in a complex fiscal environment.

Keywords: Tax credits; Tax exemption; Calculation regime.

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DOI: 10.22167/2675-6528-20230054E&S 2023,4: e20230054 Public Service Entrance Exam is the target of many people seeking professional and financial stability. If you identify with this topic, we have valuable tips for you to achieve your goal through the experience of a professional who spent a large part of their life working as a Federal Revenue Tax Auditor […]

DOI: 10.22167/2675-6528-20220029E&S 2022,3: e20220029 by Soraia Fessel Nothing better than teaching your clients about the rights they possess.” Have you ever wondered what the rights of taxpayers are and what rules guide the topic of Tax Management? If at any point in your life you have questioned this subject, then you are in the right place […]