Sales Deductions and Value-Added Tax on Sales
Value-added tax on sales consists of ICMS, the Social Contribution on Sales (COFINS) and the contribution to the Social Integration Program (PIS), which increased 19.9% to R$1,309.0 million in 2008. In 2008, total sales deductions increased 40.7% to R$154.3 million. Sales deductions and value-added tax on sales as a percentage of gross sales remained relatively the same, at 12.0% in 2008 compared to 12.1% in 2007.