All courses > Business administration > Accounting ::

profit taxes

Page 22 | Listen in audio

Income taxes are an essential part of business accounting. They are taxes that companies must pay on profits made in their business operations. These taxes are a form of contribution to the government, which uses the funds raised to finance various public services and programs. There are different types of taxes on profits, depending on the country and the tax legislation in force. Some of the most common taxes include the Corporate Income Tax (IRPJ), the Social Contribution on Net Income (CSLL) and the Tax on Circulation of Goods and Services (ICMS). Each of these taxes has its own rules and rates, which may vary according to the size and sector of activity of the company. The Corporate Income Tax is a federal tax levied on the profit obtained by companies. The rate of this tax varies according to the tax regime chosen by the company, which can be Simples Nacional, Presumed Profit or Real Profit. The Simples Nacional is a simplified taxation regime for micro and small companies, while the Presumed Profit and the Real Profit are more complex regimes, which require a detailed calculation of the company's profits and expenses. The Social Contribution on Net Income is a federal tax levied on the net income of companies. This contribution is intended to finance Social Security, which includes Social Security, Health and Social Assistance. The CSLL rate also varies according to the company's tax regime. The Tax on Circulation of Goods and Services is a state tax levied on the circulation of goods and the provision of services. This tax is charged at all stages of the production chain, from production to final consumption. The ICMS rate varies according to the state where the company is located and the type of goods or services provided. In addition to these taxes, companies are also subject to other tax obligations, such as issuing invoices, paying social security contributions and filing periodic tax returns. It is important that companies are up to date with their tax obligations, thus avoiding problems with the tax authorities and possible fines and penalties. To comply with all these tax obligations, companies rely on the help of accounting professionals. These professionals are responsible for calculating and paying taxes on profits, in addition to assisting in preparing accounting reports and making financial decisions. In summary, income taxes are an essential part of business accounting. They represent a form of contribution to the government and are used to finance various public services and programs. It is important for companies to be up to date with their tax obligations, relying on the help of accounting professionals to comply with all legal requirements.

Now answer the exercise about the content: