ICMS (Imposto sobre Circulação de Mercadorias e Serviços)

ICMS (Imposto sobre Circulação de Mercadorias e Serviços) is a state-level tax in Brazil that applies to the movement of goods and certain services, such as transportation and communication. It is collected when products are sold, transferred, or imported within the country. The tax amount varies depending on the state and the type of product or service involved. ICMS is a significant source of revenue for Brazilian states and helps fund public services. Businesses incorporate this tax into their prices, and it ultimately impacts the final cost paid by consumers.