Inventory control becomes mandatory as of this year

Inventory control becomes mandatory as of this year 2

On Block K must be presented informations regarding production and inventories; ITAG presents solutions for companies with the new rule.

The SINIEF 01/2016 Adjustment announced by the Ministry of Finance at the beginning of last year, began on January 1, 2017. The change in the rule establishes that by 2019, every wholesale company and industry must be accountable monthly for the revenue, through an inventory control and management audit.

For this year, a rule applies to companies with net revenue above R$ 300 millions; In the next year, a measure will cover revenues higher than R$ 78 millions, from January 2019, an estimate of the government of all Brazilian companies should be adequate to the new law.

As it aims to reduce tax evasion, it will make the process of inventory control legal, equating the volume of purchases of raw material with the volume of sales on the processed product. In practice, the mechanism requires that the companies be accountable to the stock movement tax on a monthly basis.

The rules have left some entrepreneurs quite confused about how to make this accountability to the Treasury. The contactor Valnei Marins explains that with a new rule, each item purchased and sold by the company must be specified in a monthly report forwarded to the Revenue.

For this, as companies contribute to the system known as SPED Fiscal, made available by the Federal Revenue for the generation of the so-called Block K – Control of Production and Inventory. “This report should require time and knowledge, because if a revenue can be identified, a company can receive a fine equivalent to unreported billing,” he says.

How does it works?

In block K can be displayed as production and inventory information. Industrial establishments or assimilated to them will inform standarlized the specific consume, normal losses of productive process and the replacement of production inputs for all the manufactured products by the own establishment or by the third parties.

The obligation of Block K, which is to generate the needs of adjustment on processes of the companies, as investments in technologies that provide immediate information on the movement of the cash and production. The obligation applies to industrial establishments or those assimilated by federal legislation and wholesalers, and may, at the discretion of the Treasury, be required by the establishment of taxpayers from other sectors. (With information from the Ministry of Finance).

RFID can help entrepreneurs to Block K rules

Because of the new rule, how radiofrequency has never become so important. This is because, the iTAG technology propitious that as stock losses fall from 3% to 0.25% – increasing profit by 70%. In addition, with the mandatory inventory management audit, the iTAG control system enables that the necessary informations for Block K is processed in minutes; Saving time and money.

Translated by Vitor Julio.

ITAG Technology