According to the Accounts Payable 2026 Panorama, collected by the Qive platform, around 62% of Brazilian companies have not yet started mapping the impacts of the Tax Reform. The changes begin in 2026 and continue until 2033, requiring structural adaptation in the financial management of businesses.

For business finance consultant Marlene Martins, director of Afórtua Consultoria Financeira, the main risk is not just the tax burden, but the way money circulates within the company. “It’s not just taxes. It’s cash flow. The reform changes the financial dynamics of the business. If the entrepreneur doesn’t have control, he can continue selling and still lose cash”, he states.

A specialist highlights that new tax logic requires mastery over the entire financial journey, from sale to receipt, and not just billing. “Today, many companies are unable to connect sales, invoice issuance and receipt. With the reform, this becomes mandatory. Finance needs to be integrated and automated, especially in payment methods such as Pix, card and bank slip”, he explains.

Tax credit is now treated as a financial asset

Tax credit is another point of attention that will directly impact companies’ cash flow. “Tax credit is money. If it is not controlled, the company loses value without realizing it. Financial management needs to treat this credit as a strategic asset, protected before it is used”, highlights Marlene Martins.

She also highlights that the relationship with suppliers takes on an even more important role. “Companies that structure their strategic suppliers well will have a competitive advantage, because they will generate credit intelligently and improve cash flow”, he states.

Phases of Tax Reform require progressive financial control

In addition to the structural changes, the Tax Reform will be implemented in phases until the complete extinction of taxes such as PIS (Social Integration Program), Cofins (Contribution to the Financing of Social Security), ICMS (Tax on the Circulation of Goods and Services) and ISSQN (Tax on Services of Any Nature). For Marlene Martins, this process should be seen as a financial transition with progressive risks.

Phase 1 – 2026: Start of adaptation (risk of disorganization)

During this period, companies begin to deal with new requirements and operational adjustments, still with the current model predominating, in which taxes remain embedded in the price.

Main risk: lack of financial reading reliable and decisions based on inconsistent data. “Here the problem is not the tax. It is the disorganization. The company still cannot see the real impact on the cash flow”, he warns.

Phase 2 – 2027 to 2032: coexistence between models (risk of loss of invisible cash)

At this stage, the old and new systems operate simultaneously, with a gradual incidence of IBS (Tax on Goods and Services) and CBS (Contribution on Goods and Services) and an increase in the relevance of tax credits.

Main risk: loss of cash due to failures in credit management and lack of adjustment in pricing. “This is the most dangerous phase. The company can lose money without realizing it, because the error does not appear in the profit, but rather in the cash register”, explains Marlene Martins.

Phase 3 – 2033: consolidation of the new model (competitiveness risk)

With the definitive extinction of taxes such as PIS, Cofins, ICMS and ISSQN, the new system becomes predominant.

Main risk: loss of competitiveness and difficulty in remaining in the market. “This is no longer adaptation, it’s survival. Those who haven’t organized their finances up until now lose competitiveness”, he explains.

Pricing becomes decisive during the tax transition

The way products and services are priced is also directly impacted throughout the implementation of the reform. According to Marlene Martins, pricing becomes dynamic during the transition. “The price stops being just a number and becomes a structure. Part of it carries built-in tax, another part reflects the new tax logic. Anyone who doesn’t understand this loses margin and cash without realizing it”, he contextualizes.

The expert explains that the pricing strategy must follow the phases of the reform:

Phase 1 – 2026: internal separation of the price structure

Even with the taxes still embeddedthe company needs to organize its pricing internally.

Strategic direction: separate revenue, costs, taxes and margin within management, eliminating decisions based on estimates. “The entrepreneur needs to understand what is his and what is imposed, even if the client does not see this separation”, he advises.

Phase 2 – 2027 to 2032: hybrid and adjustable pricing

With two systems coexisting, pricing needs to consider both the embedded taxes and the impact of the new tax logic.

Strategic direction: work with a layered price structure (operation, old taxes and new taxes), frequently reviewing margins and considering the effect of tax credits on cash. “At this stage, anyone who continues pricing as before won’t notice, but will start to lose cash every month,” he says.

Phase 3 – 2033: structured pricing in the new model

With the consolidation of the system, the price now reflects the company’s operations more clearly, with taxes treated separately.

Strategic direction: base pricing on real contribution margin and cash generation. “The price needs to reflect the business. The tax is passed on. The margin is what sustains the company”, he states.

Marlene Martins explains that the reform does not impact the sectors equally. Service companies, with a high payroll, tend to generate less tax creditwhile businesses with higher purchasing volumes may benefit more.

“Those who sell services with little purchasing structure tend to suffer more. Organized companies, which buy well and control their processes, are able to transform taxation into a competitive advantage. It is no longer possible to price in the dark. The entrepreneur needs to understand how much cash is left, not just profit”, he concludes.

By Enzo Tres