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Taxes | 12 Months Ended
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Dec. 31, 2018
Text block1 [abstract] |
Taxes |
Note | 24 – Taxes
ITAÚ UNIBANCO HOLDING and each one of its subsidiaries calculate separately, in each fiscal year, Income Tax and Social Contribution on Net Income. Taxes are calculated at the rates shown below and consider, for effects of respective calculation bases, the legislation in force applicable to each charge.
Income tax |  |  | 15.00 | %
Additional income tax |  |  | 10.00 | %
Social contribution (*) |  |  | 20.00 | %
(*) | On october 06, 2015, Law No. 13,169, a conversion of Provisional Measure No. 675, which increased the Social Contribution tax rate from 15.00% to 20.00% until December 31, 2018, for financial institutions, insurance companies and credit card management companies, was introduced. For the other companies, the tax rate remains at 9.00%.
a) | Expenses for taxes and contributions
Demonstration of Income tax and social contribution expense calculation:
Due on operations for the period |  | 01/01 to 12/31/2018 |  |  | 01/01 to 12/31/2017 |  |  | 01/01 to 12/31/2016 |
Income before income tax and social contribution |  |  | 30,608 |  |  |  | 30,582 |  |  |  | 35,679 |
Charges (income tax and social contribution) at the rates in effect |  |  | (13,774 | ) |  |  | (13,762 | ) |  |  | (16,057 | )
Increase / decrease in income tax and social contribution charges arising from: |  |  |  |  |  |  |  |  |  |  |  |
Share of profit or (loss) of associates and joint ventures net |  |  | 147 |  |  |  | 169 |  |  |  | 165 |
Foreign exchange variation on investiments abroad |  |  | 4,381 |  |  |  | 397 |  |  |  | (4,313 | )
Interest on capital |  |  | 3,791 |  |  |  | 3,873 |  |  |  | 3,617 |
Corporate reorganizations (Note 2.4 a IV) |  |  | 628 |  |  |  | 628 |  |  |  | 628 |
Dividends and interest on external debt bonds |  |  | 516 |  |  |  | 420 |  |  |  | 365 |
Other nondeductible expenses net of non taxable income (*) |  |  | 1,747 |  |  |  | 3,736 |  |  |  | 11,697 |
Income tax and social contribution expenses |  |  | (2,564 | ) |  |  | (4,539 | ) |  |  | (3,898 | )
Related to temporary differences |  |  |  |  |  |  |  |  |
Increase (reversal) for the period |  |  | (2,650 | ) |  |  | (2,888 | ) |  |  | (9,827 | )
Increase (reversal) of prior periods |  |  | 245 |  |  |  | 70 |  |  |  | 62 |
(Expenses) / Income related to deferred taxes |  |  | (2,405 | ) |  |  | (2,818 | ) |  |  | (9,765 | )
Total income tax and social contribution expenses |  |  | (4,969 | ) |  |  | (7,357 | ) |  |  | (13,663 | )
(*) | Includes temporary (additions) and exclusions.
b) | Deferred taxes
| I - | The deferred tax asset balance and its changes, segregated based on its origin and disbursements, are represented by:
|  | 12/31/2017 |  |  | Realization / Reversal |  |  | Increase |  |  | 12/31/2018 |
Reflected in income |  |  | 48,810 |  |  |  | (23,511 | ) |  |  | 11,953 |  |  |  | 37,252 |
Provision for expected loss |  |  | 24,686 |  |  |  | (9,746 | ) |  |  | 3,623 |  |  |  | 18,563 |
Related to tax losses and social contribution loss carryforwards |  |  | 7,595 |  |  |  | (3,649 | ) |  |  | 445 |  |  |  | 4,391 |
Provision for profit sharing |  |  | 1,829 |  |  |  | (1,829 | ) |  |  | 1,844 |  |  |  | 1,844 |
Provision for devaluation of securities with permanent impairment |  |  | 2,228 |  |  |  | (1,843 | ) |  |  | 1,344 |  |  |  | 1,729 |
Provision |  |  | 5,194 |  |  |  | (2,124 | ) |  |  | 1,394 |  |  |  | 4,464 |
Civil lawsuits |  |  | 1,974 |  |  |  | (610 | ) |  |  | 222 |  |  |  | 1,586 |
Labor claims |  |  | 2,200 |  |  |  | (1,280 | ) |  |  | 1,117 |  |  |  | 2,037 |
Tax and social security |  |  | 1,020 |  |  |  | (234 | ) |  |  | 55 |  |  |  | 841 |
Goodwill on purchase of investments |  |  | 141 |  |  |  | (163 | ) |  |  | 82 |  |  |  | 60 |
Legal liabilities |  |  | 488 |  |  |  | (61 | ) |  |  | 249 |  |  |  | 676 |
Adjustments of operations carried out on the futures settlement market |  |  | 277 |  |  |  | (277 | ) |  |  | 98 |  |  |  | 98 |
Adjustment to Fair Value of Financial Assets - At Fair Value Through Profit or Loss |  |  | 429 |  |  |  | (429 | ) |  |  | 631 |  |  |  | 631 |
Provision related to health insurance operations |  |  | 341 |  |  |  | (5 | ) |  |  | 7 |  |  |  | 343 |
Other |  |  | 5,602 |  |  |  | (3,385 | ) |  |  | 2,236 |  |  |  | 4,453 |
Reflected in stockholders’ equity |  |  | 2,192 |  |  |  | (785 | ) |  |  | 481 |  |  |  | 1,888 |
Corporate reorganizations (Note 2.4 a IV) |  |  | 628 |  |  |  | (628 | ) |  |  | — |  |  |  | — |
Adjustment to Fair Value of Financial Assets - At Fair Value Through Other Comprehensive Income |  |  | 327 |  |  |  | (157 | ) |  |  | 213 |  |  |  | 383 |
Cash flow hedge |  |  | 983 |  |  |  | — |  |  |  | 166 |  |  |  | 1,149 |
Other |  |  | 254 |  |  |  | — |  |  |  | 102 |  |  |  | 356 |
Total (1)(2) |  |  | 51,002 |  |  |  | (24,296 | ) |  |  | 12,434 |  |  |  | 39,140 |
(1) | Deferred income tax and social contribution assets and liabilities are recorded in the balance sheet offset by a taxable entity and total R$ 32,781 and R$ 447, respectively.
(2) | The accounting records of deferred tax assets on income tax losses and/or social contribution loss carryforwards, as well as those arising from temporary differences, are based on technical feasibility studies which consider the expected generation of future taxable income, considering the history of profitability for each subsidiary individually, and for the consolidated taken as a whole.
|  | 12/31/2016 |  |  | Realization / Reversal |  |  | Increase |  |  | 12/31/2017 |
Reflected in income |  |  | 49,841 |  |  |  | (16,347 | ) |  |  | 15,316 |  |  |  | 48,810 |
Provision for expected loss |  |  | 27,510 |  |  |  | (9,453 | ) |  |  | 6,629 |  |  |  | 24,686 |
Related to tax losses and social contribution loss carryforwards |  |  | 6,981 |  |  |  | (197 | ) |  |  | 811 |  |  |  | 7,595 |
Provision for profit sharing |  |  | 1,541 |  |  |  | (1,541 | ) |  |  | 1,829 |  |  |  | 1,829 |
Provision for devaluation of securities with permanent impairment |  |  | 1,727 |  |  |  | — |  |  |  | 501 |  |  |  | 2,228 |
Provision |  |  | 5,704 |  |  |  | (2,733 | ) |  |  | 2,223 |  |  |  | 5,194 |
Civil lawsuits |  |  | 1,955 |  |  |  | (576 | ) |  |  | 595 |  |  |  | 1,974 |
Labor claims |  |  | 2,167 |  |  |  | (1,233 | ) |  |  | 1,266 |  |  |  | 2,200 |
Tax and social security |  |  | 1,582 |  |  |  | (924 | ) |  |  | 362 |  |  |  | 1,020 |
Goodwill on purchase of investments |  |  | 165 |  |  |  | (758 | ) |  |  | 734 |  |  |  | 141 |
Legal liabilities |  |  | 387 |  |  |  | (557 | ) |  |  | 658 |  |  |  | 488 |
Adjustments of operations carried out in futures settlement market |  |  | 485 |  |  |  | (239 | ) |  |  | 31 |  |  |  | 277 |
Adjustment to Fair Value of Financial Assets - At Fair Value Through Profit or Loss |  |  | 243 |  |  |  | (243 | ) |  |  | 429 |  |  |  | 429 |
Provision related to health insurance operations |  |  | 300 |  |  |  | — |  |  |  | 41 |  |  |  | 341 |
Other |  |  | 4,798 |  |  |  | (626 | ) |  |  | 1,430 |  |  |  | 5,602 |
Reflected in stockholders’ equity |  |  | 3,123 |  |  |  | (1,072 | ) |  |  | 141 |  |  |  | 2,192 |
Corporate reorganizations (Note 2.4 a IV) |  |  | 1,256 |  |  |  | (628 | ) |  |  | — |  |  |  | 628 |
Adjustment to Fair Value of Financial Assets - At Fair Value Through Other Comprehensive Income |  |  | 771 |  |  |  | (444 | ) |  |  | — |  |  |  | 327 |
Cash flow hedge |  |  | 843 |  |  |  | — |  |  |  | 140 |  |  |  | 983 |
Other |  |  | 253 |  |  |  | — |  |  |  | 1 |  |  |  | 254 |
Total (*) |  |  | 52,964 |  |  |  | (17,419 | ) |  |  | 15,457 |  |  |  | 51,002 |
(*) | Deferred income tax and social contribution assets and liabilities are recorded in the balance sheet offset by a taxable entity and total R$ 35,869 and R$ 391, respectively.
| II - | The provision for deferred tax and contributions and respective changes are as follows:
|  | 12/31/2017 |  |  | Realization / reversal |  |  | Increase |  |  | 12/31/2018 |
Reflected in income |  |  | 14,569 |  |  |  | (11,385 | ) |  |  | 2,960 |  |  |  | 6,144 |
Depreciation in excess – finance lease |  |  | 613 |  |  |  | (267 | ) |  |  | — |  |  |  | 346 |
Adjustment of escrow deposits and provisions |  |  | 1,280 |  |  |  | (11 | ) |  |  | 79 |  |  |  | 1,348 |
Post-employment benefits |  |  | 304 |  |  |  | (143 | ) |  |  | 126 |  |  |  | 287 |
Adjustments of operations carried out on the futures settlement market |  |  | 1,421 |  |  |  | (1,421 | ) |  |  | 923 |  |  |  | 923 |
Adjustment to Fair Value of Financial Assets - At Fair Value Through Profit or Loss |  |  | 7,592 |  |  |  | (7,592 | ) |  |  | 1,790 |  |  |  | 1,790 |
Taxation of results abroad – capital gains |  |  | 1,973 |  |  |  | (1,314 | ) |  |  | — |  |  |  | 659 |
Other |  |  | 1,386 |  |  |  | (637 | ) |  |  | 42 |  |  |  | 791 |
Reflected in stockholders’ equity |  |  | 955 |  |  |  | (311 | ) |  |  | 18 |  |  |  | 662 |
Adjustment to Fair Value of Financial Assets - At Fair Value Through Other Comprehensive Income |  |  | 767 |  |  |  | (302 | ) |  |  | 9 |  |  |  | 474 |
Cash flow hedge |  |  | 166 |  |  |  | — |  |  |  | 2 |  |  |  | 168 |
Post-employment benefits |  |  | 9 |  |  |  | (9 | ) |  |  | 7 |  |  |  | 7 |
Other |  |  | 13 |  |  |  | — |  |  |  | — |  |  |  | 13 |
Total (*) |  |  | 15,524 |  |  |  | (11,696 | ) |  |  | 2,978 |  |  |  | 6,806 |
(*) | Deferred income tax and social contribution asset and liabilities are recorded in the balance sheet offset by a taxable entity and total R$ 32,781 and R$ 447, respectively.
|  | 12/31/2016 |  |  | Realization / reversal |  |  | Increase |  |  | 12/31/2017 |
Reflected in income |  |  | 13,507 |  |  |  | (8,716 | ) |  |  | 9,778 |  |  |  | 14,569 |
Depreciation in excess – finance lease |  |  | 936 |  |  |  | (323 | ) |  |  | — |  |  |  | 613 |
Adjustment of escrow deposits and provisions |  |  | 1,193 |  |  |  | (179 | ) |  |  | 266 |  |  |  | 1,280 |
Post-employment benefits |  |  | 233 |  |  |  | — |  |  |  | 71 |  |  |  | 304 |
Adjustments of operations carried out on the futures settlement market |  |  | 1,095 |  |  |  | — |  |  |  | 326 |  |  |  | 1,421 |
Adjustment to Fair Value of Financial Assets - At Fair Value Through Profit or Loss |  |  | 7,293 |  |  |  | (7,293 | ) |  |  | 7,592 |  |  |  | 7,592 |
Taxation of results abroad – capital gains |  |  | 1,502 |  |  |  | — |  |  |  | 471 |  |  |  | 1,973 |
Other |  |  | 1,255 |  |  |  | (921 | ) |  |  | 1,052 |  |  |  | 1,386 |
Reflected in stockholders’ equity |  |  | 968 |  |  |  | (129 | ) |  |  | 116 |  |  |  | 955 |
Adjustment to Fair Value of Financial Assets - At Fair Value Through Other Comprehensive Income |  |  | 836 |  |  |  | (82 | ) |  |  | 13 |  |  |  | 767 |
Cash flow hedge |  |  | 63 |  |  |  | — |  |  |  | 103 |  |  |  | 166 |
Post-employment benefits |  |  | 35 |  |  |  | (26 | ) |  |  | — |  |  |  | 9 |
Other |  |  | 34 |  |  |  | (21 | ) |  |  | — |  |  |  | 13 |
Total (*) |  |  | 14,475 |  |  |  | (8,845 | ) |  |  | 9,894 |  |  |  | 15,524 |
(*) | Deferred income tax and social contribution asset and liabilities are recorded in the balance sheet offset by a taxable entity and total R$ 35,869 and R$ 391, respectively.
| III - | The estimate of realization and present value of tax credits and from the Provision for Deferred Income Tax and Social Contribution existing at 12/31/2018, are:
Year of realization |  | Deferred tax assets |  |  | Deferred tax liabilities |  |  | % |  |  | Net deferred taxes |  |  | % |
| Temporary differences |  |  | % |  |  | Tax loss / social contribution loss carryforwards |  |  | % |  |  | Total |  |  | % |
2019 |  |  | 10,808 |  |  |  | 31 | % |  |  | 1,394 |  |  |  | 32 | % |  |  | 12,202 |  |  |  | 31 | % |  |  | (1,333 | ) |  |  | 20 | % |  |  | 10,869 |  |  |  | 33 | %
2020 |  |  | 12,961 |  |  |  | 38 | % |  |  | 751 |  |  |  | 17 | % |  |  | 13,712 |  |  |  | 35 | % |  |  | (1,258 | ) |  |  | 18 | % |  |  | 12,454 |  |  |  | 39 | %
2021 |  |  | 4,575 |  |  |  | 13 | % |  |  | 614 |  |  |  | 14 | % |  |  | 5,189 |  |  |  | 13 | % |  |  | (432 | ) |  |  | 6 | % |  |  | 4,757 |  |  |  | 15 | %
2022 |  |  | 813 |  |  |  | 2 | % |  |  | 395 |  |  |  | 9 | % |  |  | 1,208 |  |  |  | 3 | % |  |  | (1,069 | ) |  |  | 16 | % |  |  | 139 |  |  |  | 0 | %
2023 |  |  | 685 |  |  |  | 2 | % |  |  | 157 |  |  |  | 3 | % |  |  | 842 |  |  |  | 2 | % |  |  | (142 | ) |  |  | 2 | % |  |  | 700 |  |  |  | 2 | %
After 2023 |  |  | 4,907 |  |  |  | 14 | % |  |  | 1,080 |  |  |  | 25 | % |  |  | 5,987 |  |  |  | 16 | % |  |  | (2,572 | ) |  |  | 38 | % |  |  | 3,415 |  |  |  | 11 | %
Total |  |  | 34,749 |  |  |  | 100 | % |  |  | 4,391 |  |  |  | 100 | % |  |  | 39,140 |  |  |  | 100 | % |  |  | (6,806 | ) |  |  | 100 | % |  |  | 32,334 |  |  |  | 100 | %
Present value (*) |  |  | 31,526 |  |  |  |  |  |  |  | 3,859 |  |  |  |  |  |  |  | 35,384 |  |  |  |  |  |  |  | (5,735 | ) |  |  |  |  |  |  | 29,649 |  |  |  |  |
(*) | The average funding rate, net of tax effects, was used to determine the present value.
The projections of future taxable income include estimates related to macroeconomic variables, exchange rates, interest rates, volume of financial operations and services fees and others, which can vary in relation to actual data and amounts. Net income in the financial statements is not directly related to the taxable income, due to differences between the accounting criteria and tax legislation, in addition to corporate aspects. Accordingly, it is recommended that changes in realization of deferred tax assets presented below is not considered as an indication of future net income. On December 31, 2018, Social Contribution deferred tax assets are recorded at 15% due to the end of temporary effects brought by Law No. 13,169/15, which increased the social contribution tax rate from 15% to 20% until December 31, 2018. As at 12/31/2018 and 12/31/2017, there are no unrecognized tax credits. c) Tax liabilities
|  | 12/31/2018 |  |  | 12/31/2017 |
Taxes and contributions on income payable |  |  | 615 |  |  |  | 1,752 |
Other Taxes and Contributions payable |  |  | 1,443 |  |  |  | 1,423 |
Provision for deferred income tax and social contribution (Note 24b II) |  |  | 447 |  |  |  | 391 |
Other |  |  | 2,779 |  |  |  | 4,270 |
Total |  |  | 5,284 |  |  |  | 7,836 |

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