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Taxes | 12 Months Ended
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Dec. 31, 2019
Text Block [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 on net income |  |  | 15.00 | %
Constitutional Amendment (EC) No. 103/2019 : disseminated on November 12, 2019, it provides for the Social Security and other matters, also addressing the increase of the tax rate of Social Contribution on Net Income for banks set forth in item I of paragraph 1 of article 1 of Supplementary Law No. 105, of January 10, 2001, which will be 20% as from March 1, 2020. For the other financial subsidiaries and equivalent companies, the tax rate remains at 15%, and for the non-financial ones at 9%. a) Expenses for taxes and contributions Breakdown of income tax and social contribution expense calculation:
Due on operations for the period |  | 01/01 to 12/31/2019 |  |  | 01/01 to 12/31/2018 |  |  | 01/01 to 12/31/2017 |
Net income before income tax and social contribution |  |  | 31,243 |  |  |  | 30,608 |  |  |  | 30,582 |
Charges (income tax and social contribution) at the rates in effect |  |  | (12,497 | ) |  |  | (13,774 | ) |  |  | (13,762 | )
Increase / decrease in income tax and social contribution charges arising from: |  |  |  |  |  |  |  |  |  |  |  |
Share of profit or (loss) of associates and joint ventures net |  |  | 372 |  |  |  | 147 |  |  |  | 169 |
Foreign exchange variation on investiments abroad |  |  | 711 |  |  |  | 4,381 |  |  |  | 397 |
Interest on capital |  |  | 3,012 |  |  |  | 3,791 |  |  |  | 3,873 |
Corporate reorganizations (Note 2.4 a IV) |  |  | — |  |  |  | 628 |  |  |  | 628 |
Dividends and interest on external debt bonds |  |  | 543 |  |  |  | 516 |  |  |  | 420 |
Other nondeductible expenses net of non taxable income (*) |  |  | (1,233 | ) |  |  | 1,747 |  |  |  | 3,736 |
Income tax and social contribution expenses |  |  | (9,092 | ) |  |  | (2,564 | ) |  |  | (4,539 | )
Related to temporary differences |  |  |  |  |  |  |  |
Increase / (reversal) for the period |  |  | 5,750 |  |  |  | (2,650 | ) |  |  | (2,888 | )
Increase / (reversal) of prior periods |  |  | (88 | ) |  |  | 245 |  |  |  | 70 |
(Expenses) / Income related to deferred taxes |  |  | 5,662 |  |  |  | (2,405 | ) |  |  | (2,818 | )
Total income tax and social contribution expenses |  |  | (3,430 | ) |  |  | (4,969 | ) |  |  | (7,357 | )
(*) | 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:
|  | 12/31/2018 |  |  | Realization / Reversal |  |  | Increase |  |  | 12/31/2019 |
Reflected in income |  |  | 37,252 |  |  |  | (13,667 | ) |  |  | 19,795 |  |  |  | 43,380 |
Provision for expected loss |  |  | 18,563 |  |  |  | (4,712 | ) |  |  | 9,009 |  |  |  | 22,860 |
Relating to tax losses and social contribution loss carryforwards |  |  | 4,391 |  |  |  | (2,339 | ) |  |  | 533 |  |  |  | 2,585 |
Provision for profit sharing |  |  | 1,844 |  |  |  | (1,844 | ) |  |  | 2,162 |  |  |  | 2,162 |
Provision for devaluation of securities with permanent impairment |  |  | 1,729 |  |  |  | (902 | ) |  |  | 703 |  |  |  | 1,530 |
Provisions |  |  | 4,464 |  |  |  | (1,552 | ) |  |  | 3,296 |  |  |  | 6,208 |
Civil lawsuits |  |  | 1,586 |  |  |  | (651 | ) |  |  | 478 |  |  |  | 1,413 |
Labor claims |  |  | 2,037 |  |  |  | (790 | ) |  |  | 2,004 |  |  |  | 3,251 |
Tax and social security lawsuits |  |  | 841 |  |  |  | (111 | ) |  |  | 814 |  |  |  | 1,544 |
Goodwill on purchase of investments |  |  | 60 |  |  |  | (60 | ) |  |  | — |  |  |  | — |
Legal obligations |  |  | 676 |  |  |  | (57 | ) |  |  | 104 |  |  |  | 723 |
Adjustments of operations carried out on the futures settlement market |  |  | 98 |  |  |  | (98 | ) |  |  | 84 |  |  |  | 84 |
Adjustment to Fair Value of Financial Assets – At Fair Value Through Profit or Loss |  |  | 631 |  |  |  | (631 | ) |  |  | 738 |  |  |  | 738 |
Provision relating to health insurance operations |  |  | 343 |  |  |  | — |  |  |  | 5 |  |  |  | 348 |
Other |  |  | 4,453 |  |  |  | (1,472 | ) |  |  | 3,161 |  |  |  | 6,142 |
Reflected in stockholders’ equity |  |  | 1,888 |  |  |  | (509 | ) |  |  | 975 |  |  |  | 2,354 |
Adjustment to Fair Value of Financial Assets – At Fair Value Through Other Comprehensive Income |  |  | 383 |  |  |  | (163 | ) |  |  | 546 |  |  |  | 766 |
Cash flow hedge |  |  | 1,149 |  |  |  | (93 | ) |  |  | 131 |  |  |  | 1,187 |
Other |  |  | 356 |  |  |  | (253 | ) |  |  | 298 |  |  |  | 401 |
Total (1)(2)(3) |  |  | 39,140 |  |  |  | (14,176 | ) |  |  | 20,770 |  |  |  | 45,734 |
(1) | Deferred income tax and social contribution assets and liabilities are recorded in the balance sheet offset by a taxable entity and amounting to R$ 38,914 and R$ 1,058, 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.
(3) | The deferred tax asset balance comprises its annual revaluation and effects caused by EC 103/2019 in tax rate of the Social Contribution on Net Income, which was increased from 15% to 20%, reaching the institutions set forth in item I of paragraph 1 of article 1 of Supplementary Law No. 105, of January 10, 2001, totaling R$ 1,614.
|  | 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 |
Relating 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 |
Provisions |  |  | 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 lawsuits |  |  | 1,020 |  |  |  | (234 | ) |  |  | 55 |  |  |  | 841 |
Goodwill on purchase of investments |  |  | 141 |  |  |  | (163 | ) |  |  | 82 |  |  |  | 60 |
Legal obligations |  |  | 488 |  |  |  | (61 | ) |  |  | 249 |  |  |  | 676 |
Adjustments of operations carried out in 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 relating 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 (*) |  |  | 51,002 |  |  |  | (24,296 | ) |  |  | 12,434 |  |  |  | 39,140 |
(*) | Deferred income tax and social contribution assets and liabilities are recorded in the balance sheet offset by a taxable entity and amounting to R$ 32,781 and R$ 447, respectively.
II – The provision for deferred tax and contributions and respective changes are as follows:
|  | 12/31/2018 |  |  | Realization / reversal |  |  | Increase |  |  | 12/31/2019 |
Reflected in income |  |  | 6,144 |  |  |  | (3,863 | ) |  |  | 4,329 |  |  |  | 6,610 |
Depreciation in excess – finance lease |  |  | 346 |  |  |  | (144 | ) |  |  | — |  |  |  | 202 |
Adjustment of escrow deposits and provisions |  |  | 1,348 |  |  |  | (29 | ) |  |  | 212 |  |  |  | 1,531 |
Post-employment benefits |  |  | 287 |  |  |  | (56 | ) |  |  | 51 |  |  |  | 282 |
Adjustments of operations carried out on the futures settlement market |  |  | 923 |  |  |  | (923 | ) |  |  | 1,330 |  |  |  | 1,330 |
Adjustment to Fair Value of Financial Assets – At Fair Value Through Profit or Loss |  |  | 1,790 |  |  |  | (1,790 | ) |  |  | 1,149 |  |  |  | 1,149 |
Taxation of results abroad – capital gains |  |  | 659 |  |  |  | (142 | ) |  |  | 64 |  |  |  | 581 |
Other |  |  | 791 |  |  |  | (779 | ) |  |  | 1,523 |  |  |  | 1,535 |
Reflected in stockholders’ equity |  |  | 662 |  |  |  | (262 | ) |  |  | 868 |  |  |  | 1,268 |
Adjustment to Fair Value of Financial Assets – At Fair Value Through Other Comprehensive Income |  |  | 474 |  |  |  | (107 | ) |  |  | 861 |  |  |  | 1,228 |
Cash flow hedge |  |  | 168 |  |  |  | (142 | ) |  |  | 4 |  |  |  | 30 |
Post-employment benefits |  |  | 7 |  |  |  | — |  |  |  | 3 |  |  |  | 10 |
Other |  |  | 13 |  |  |  | (13 | ) |  |  | — |  |  |  | — |
Total (*) |  |  | 6,806 |  |  |  | (4,125 | ) |  |  | 5,197 |  |  |  | 7,878 |
(*) | Deferred income tax and social contribution asset and liabilities are recorded in the balance sheet offset by a taxable entity and amounting to R$ 38,914 and R$ 1,058, respectively.
|  | 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 amounting to R$ 32,781 and R$ 447, respectively.
III – | The estimate of realization and present value of tax credits and from the Provision for Deferred Income Tax and Social Contribution are:
|  | Deferred tax assets |  |  |  |  |  |  |  |  |  |  |  |  |
Year of realization |  | Temporary differences |  |  | % |  |  | Tax loss / social contribution loss carryforwards |  |  | % |  |  | Total |  |  | % |  |  | Deferred tax liabilities |  |  | % |  |  | Net deferred taxes |  |  | % |
2020 |  |  | 12,987 |  |  |  | 30 | % |  |  | 1,184 |  |  |  | 46 | % |  |  | 14,171 |  |  |  | 31 | % |  |  | (1,487 | ) |  |  | 19 | % |  |  | 12,684 |  |  |  | 33 | %
2021 |  |  | 10,614 |  |  |  | 25 | % |  |  | 177 |  |  |  | 7 | % |  |  | 10,791 |  |  |  | 23 | % |  |  | (614 | ) |  |  | 8 | % |  |  | 10,177 |  |  |  | 27 | %
2022 |  |  | 6,598 |  |  |  | 15 | % |  |  | 44 |  |  |  | 2 | % |  |  | 6,642 |  |  |  | 15 | % |  |  | (542 | ) |  |  | 7 | % |  |  | 6,100 |  |  |  | 16 | %
2023 |  |  | 4,276 |  |  |  | 10 | % |  |  | 37 |  |  |  | 1 | % |  |  | 4,313 |  |  |  | 9 | % |  |  | (284 | ) |  |  | 3 | % |  |  | 4,029 |  |  |  | 11 | %
2024 |  |  | 2,062 |  |  |  | 5 | % |  |  | 559 |  |  |  | 21 | % |  |  | 2,621 |  |  |  | 6 | % |  |  | (437 | ) |  |  | 6 | % |  |  | 2,184 |  |  |  | 6 | %
After 2024 |  |  | 6,612 |  |  |  | 15 | % |  |  | 584 |  |  |  | 23 | % |  |  | 7,196 |  |  |  | 16 | % |  |  | (4,514 | ) |  |  | 57 | % |  |  | 2,682 |  |  |  | 7 | %
Total |  |  | 43,149 |  |  |  | 100 | % |  |  | 2,585 |  |  |  | 100 | % |  |  | 45,734 |  |  |  | 100 | % |  |  | (7,878 | ) |  |  | 100 | % |  |  | 37,856 |  |  |  | 100 | %
Present value (*) |  |  | 40,354 |  |  |  | 2,381 |  |  |  | 42,735 |  |  |  | (6,923) |  |  |  |  |  |  |  | 35,812 |  |  |  |  |
(*) | The average funding rate, net of tax effects, was used to determine the present value.
Projections of future taxable income include estimates of macroeconomic variables, exchange rates, interest rates, volumes of financial operations and services fees and others factors, 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 accounting criteria and the tax legislation, in addition to corporate aspects. Accordingly, it is recommended that changes in realization of deferred tax assets presented below are not considered as an indication of future net income.
IV – | At December 31, 2018, temporary effects brought by Law nº. 13,169/2015 were considered, which increased the social contribution tax rate from 15% to 20% until December 31, 2018, and tax credits were accounted based on their likelihood of realization. At December 31, 2019, deferred tax assets not accounted for correspond to R$ 605 and result from Management’s evaluation of their perspectives of realization in the long term (there are no unaccounted deferred tax assets at 12/31/2018).
c) Tax liabilities
|  | 12/31/2019 |  |  | 12/31/2018 |
Taxes and contributions on income payable |  |  | 3,083 |  |  |  | 615 |
Other Taxes and Contributions payable |  |  | 914 |  |  |  | 1,443 |
Provision for deferred income tax and social contribution (Note 24b II) |  |  | 1,058 |  |  |  | 447 |
Other |  |  | 2,836 |  |  |  | 2,779 |
Total |  |  | 7,891 |  |  |  | 5,284 |

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