1. Country-Specific Features
  2. Brazil Help Topics
  3. Brazil-specific SuiteApps
  4. Brazil Reports
  5. Tax Assessment for Brazil
  6. Assessing ICMS

Assessing ICMS

Note:

To access the Brazil Reports documentation in Brazilian Portuguese (Português do Brasil), see Brazil Reports.

The Imposto sobre Circulação de Mercadorias e Serviços de Transporte Interestadual, Intermunicipal e de Comunicação (ICMS) tax applies to goods, shipping, and communication services in Brazil.

The ICMS assessment calculates the tax paid and the tax due on transactions in NetSuite. The result of the assessment is a summarized report and the total of ICMS due or the ICMS credit.

The ICMS assessment record enables you to define the adjustment amounts that should be added or deducted from the assessment. In the assessment record, you can also enter balances from previous assessments that entitle your company to tax credit.

Tip:

You can leverage the inbound goods and outbound goods fiscal books to review the assessment report. For more information about generating the fiscal books, see Generating Country Tax Reports for Brazil.

To assess ICMS:

  1. Go to Reports > Brazil Reports > ICMS Assessment > New.

  2. In the Subsidiary field, select the subsidiary whose ICMS amounts you want to assess.

  3. In the Start Date field, select the start date of the assessment period.

  4. In the End Date field, select the end date of the assessment period.

    NetSuite uses the start and end dates to determine the posting period to which the assessment applies. You cannot create, edit, or generate a report for the assessment after the posting period closes.

  5. To add a debit or credit adjustment to the assessment, do the following:

    1. Click the Debit and Credit Adjustments subtab.

    2. In the Adjustment Code column, select the code with which you want to associate the adjustment.

      The adjustment code determines whether NetSuite adds or subtracts the amount from the tax assessment.

    3. In the Description column, enter a description for the adjustment.

    4. In the Amount column, enter the amount to be added or subtracted from the assessment.

    5. Click Add.

      Repeat the previous steps to add other adjustments.

  6. To add ICMS, ICMS ST, or FCP credit balances remaining from the previous assessment period, do the following:

    1. Click the Tax Amounts subtab.

    2. Add ICMS, ICMS ST, FCP, or ICMS DIFAL credit balances:

      • In the ICMS Credit Balance field, enter the balance.

      • In the ICMS ST Credit Balance field, enter the balance.

      • In the FCP Credit Balance field, enter the balance.

      • In the ICMS DIFAL Credit Balance field, enter the balance.

  7. Click Save.

    NetSuite saves the assessment record.

  8. To add complementation and refund adjustments to transactions subject to ICMS ST taxation, do the following:

    1. Click the Debit and Credit Adjustments subtab.

    2. Click the Complementation and Refund Adjustments subtab.

    3. Click New Complementation and Refund Adjustment.

      A complementation and refund adjustment record opens.

    4. In the Complementation and Refund Code field, select the complementation and refund code with which you want to associate the adjustment.

      The code identifies the goods that are subject to ICMS ST taxation.

    5. In the Transaction field, select the transaction to which the adjustment applies.

      You can select an invoice, goods return, or outbound delivery transaction.

    6. In the Item field, select the item from the transaction that is subject to ICMS ST taxation and to which the adjustment applies.

    7. In the Estimated ICMS Amount field, enter the amount of ICMS that would have been applied to the item if it was not subject to ICMS ST taxation.

    8. In the Average Amount of ICMS per Unit of In-Stock Goods field, enter the average amount of ICMS applied per unit of the items that are in stock.

    9. In the Average Amount of ICMS ST per Unit of In-Stock Goods field, enter the average amount of ICMS ST applied per unit of the items that are in stock.

    10. In the Average Amount of FCP per Unit of In-Stock Goods field, enter the average amount of FCP applied per unit of the items that are in stock.

    11. In the Average Amount of FCP ST per Unit field, enter the average amount of FCP ST applied to the ICMS ST calculation basis.

    12. Click Save.

  9. To generate the assessment report, do the following:

    1. Go to Reports > Brazil Reports > ICMS Assessment.

    2. Click View next to the ICMS assessment record you want.

      The ICMS assessment record opens.

    3. Click Generate Report.

      If the assessment covers a long period, the report generation may take a few minutes to complete. You can monitor the progress on the Country Tax Reports page. For more information, see Monitoring the Generation of Tax Assessment Reports.

      NetSuite notifies you through email when the report becomes available. The system also updates the assessment record with the calculated tax amounts.

    4. When you receive the email confirming that the report was generated, in the Report field, click View.

      NetSuite opens the Country Tax Report - Brazil page.

    5. Click the PDF icon Adobe Reader icon to download the report.

Related Topics

General Notices