COFINS definition
Examples of COFINS in a sentence
Should other taxes (PIS and COFINS) be due, they shall be paid by the seller.
Price = PU / [1 - (1.65% + 7.60% - X% - Y%)] X% and Y% mean the difference between the nominal tax rates of PIS, equivalent to 1.65% and COFINS, equivalent to 7.6% and the effective tax rates of PIS and COFINS Contributions, respectively, paid by SELLER in the month preceding the one in which the PU is calculated.
The Parties acknowledge and agree that the amounts attributed to “P1”, “P2” and “P3” in Clause 4.1 above do not include taxes of any kind levied on the Product and/or on the supply of the Product (subject to Clauses 8.2, 8.3 and 8.4, as and if applicable), such as the Federal Social Integration Program – PIS, the Social Security Finance – COFINS contributions and the State Value-Added Tax on Circulation of Goods and Services – ICMS.
NAMISA shall use, to the extent possible, the tax credits related to the imposition of PIS and COFINS contributions on the rendering of the Services hereunder for each monthly supply of Services to set-off against NAMISA’s federal tax liabilities related to the Brazilian Corporate Income Taxes or other federal taxes, within 12 (twelve) months counted from such monthly supply of Services.
The Parties acknowledge and agree that the amounts attributed to “P1” and “P2” in Clause 4.1 above do not include taxes of any kind levied on the Product and/or on the supply of the Product (subject to Clauses 8.2, 8.3 and 8.4, as and if applicable), such as the Federal Social Integration Program – PIS, the Social Security Finance – COFINS contributions and the State Value-Added Tax on Circulation of Goods and Services – ICMS.
All payments to the Indemnified Party shall be in immediately available funds and free and clear of PIS and/or COFINS, if applicable, and any indemnification payment relating to a non-deductible expense of the Indemnified Party (including direct tax and social contribution) must be grossed up to cover any and all taxes payable by the Indemnified Party on account of such payment.
The Parties acknowledge and agree that the amount attributed to “P1” in Clause 4.1 above does not include taxes of any kind levied on the Product and/or on the supply of the Product (subject to Clauses 8.2, 8.3 and 8.4, as and if applicable), such as the Federal Social Integration Program – PIS, the Social Security Finance – COFINS contributions and the State Value-Added Tax on Circulation of Goods and Services – ICMS.
The Parties acknowledge and agree that the amounts attributed to “P1 ” and “P2” in Clause 8.1 above already include the cost related to the Municipal Tax on Services of Any Kind – ISS to be incurred by CSN, but do not include other taxes of any kind levied on the Services (subject to the tax adjustment provided in Clause 12.2, in case such adjustment occurs), such as the Federal Social Integration Program – PIS and Social Security Finance – COFINS contributions.
Taxes and other fiscal charges owed under the Agreement are the sole responsibility of the taxpayer as defined under Brazilian Tax Law, other than for the PIS and COFINS mandatory profit-sharing schemes and the levies paid to the National Social Security Institute (INSS) already included in the applicable prices.
All levied taxes are included in the above-mentioned rates, namely: taxes on services of any nature (ISSQN) ([*****]%), social integration program (PIS) ([*****]%), and contribution to social security financing (COFINS) ([*****]%), for invoices billed in Brazil; • All transactions concerning this Agreement shall be billed in Brazilian currency (BRL).