ICMS (FI)

Financial Accounting (FI)

In Brazil, a value-added tax levied at state level on the circulation of goods and services. It is applied to the purchase and sale of domestic and imported goods, interstate and intermunicipal transportation, and communications.

ICMS is a percentage-included tax, meaning that it is embedded in the price of the goods.

In Portuguese, the tax is known as Imposto sobre Circulação de Mercadorias e Serviços.