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Taxes | 12 Months Ended
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Dec. 31, 2022
Taxes |
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.
Summary of Calculation of Tax Rates |
Income tax | 15.00%
Additional income tax | 10.00%
Social contribution on net income (1) | 21.00%
1) Law No. 14,446/22 (conversion of Provisional Measure (MP) No. 1,115/22), published on September 05, 2022, sets forth the increase in the rate of Social contribution on net income which increased from 20% to 21%, applicable to banks, and from 15% to 16%, applicable to insurance, capitalization and other financial companies, producing effects from August 01 to December 31, 2022.
a) Expenses for taxes and contributions
Breakdown of income tax and social contribution calculation on net income: |
Summary of Breakdown of Income Tax and Social Contribution Expense |  |  |
Due on operations for the period | 01/01 to 12/31/2022 | 01/01 to 12/31/2021 | 01/01 to 12/31/2020
Income / (loss) before income tax and social contribution | 37,533 | 42,231 | 5,230
Charges (income tax and social contribution) at the rates in effect (1) | (17,048) | (19,989) | (2,354)
Increase / decrease in income tax and social contribution charges arising from: |  |  |
Share of profit or (loss) of associates and joint ventures | 954 | 821 | 384
Foreign exchange variation on investments abroad | (52) | 437 | 7,201
Interest on capital | 4,449 | 2,889 | 2,765
Other nondeductible expenses net of non taxable income (2) | 5,102 | 9,181 | (16,651)
Income tax and social contribution expenses | (6,595) | (6,661) | (8,655)
Related to temporary differences |  |  |
Increase / (reversal) for the period | (201) | (7,186) | 18,489
(Expenses) / Income from deferred taxes | (201) | (7,186) | 18,489
Total income tax and social contribution expenses | (6,796) | (13,847) | 9,834
1) In 2022, it considers the current IRPJ and CSLL rate equal to 45% in the period from January to July and it is equal to 46% in the period from August to December. In 2021, the rate considered was equal to 45% in the first semester and it was equal to 50% in the second semester.
2) 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:
Summary of Deferred Tax Asset Balance and Respective Changes |  |  |  |
01/01/2022 | 12/31/2021 | Realization / Reversal | Increase | 12/31/2022
Reflected in income | 52,989 | (19,067) | 21,397 | 55,319
Provision for expected loss | 28,428 | (7,622) | 13,354 | 34,160
Related to tax losses and social contribution loss carryforwards | 3,751 | (1,518) | 263 | 2,496
Provision for profit sharing | 2,265 | (2,265) | 2,635 | 2,635
Provision for devaluation of securities with permanent impairment | 998 | (595) | 409 | 812
Provisions | 5,848 | (1,699) | 1,585 | 5,734
Civil lawsuits | 1,257 | (400) | 373 | 1,230
Labor claims | 3,175 | (1,204) | 1,039 | 3,010
Tax and social security lawsuits | 1,416 | (95) | 173 | 1,494
Legal obligations | 822 | (379) | 21 | 464
Adjustments of operations carried out on the futures settlement market | - | - | 171 | 171
Adjustment to fair value of financial assets - At fair value through profit or loss | 2,726 | (2,726) | 829 | 829
Provision relating to health insurance operations | 362 | - | 22 | 384
Other | 7,789 | (2,263) | 2,108 | 7,634
Reflected in stockholders’ equity | 2,331 | (1,249) | 2,128 | 3,210
Adjustment to fair value of financial assets - At fair value through other comprehensive income | 1,329 | (1,127) | 2,101 | 2,303
Cash flow hedge | 461 | (122) | 3 | 342
Other | 541 | - | 24 | 565
Total (1,2) | 55,320 | (20,316) | 23,525 | 58,529
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$ 51,469 and R$ 345, 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.
01/01/2021 | 12/31/2020 | Realization / Reversal | Increase | 12/31/2021
Reflected in income | 60,248 | (24,407) | 17,148 | 52,989
Provision for expected loss | 27,933 | (6,274) | 6,769 | 28,428
Related to tax losses and social contribution loss carryforwards | 5,528 | (1,952) | 175 | 3,751
Provision for profit sharing | 1,903 | (1,903) | 2,265 | 2,265
Provision for devaluation of securities with permanent impairment | 1,570 | (1,013) | 441 | 998
Provisions | 5,845 | (1,923) | 1,926 | 5,848
Civil lawsuits | 1,331 | (591) | 517 | 1,257
Labor claims | 3,056 | (1,188) | 1,307 | 3,175
Tax and social security lawsuits | 1,458 | (144) | 102 | 1,416
Legal obligations | 774 | (36) | 84 | 822
Adjustments of operations carried out on the futures settlement market | 52 | (52) | - | -
Adjustment to fair value of financial assets - At fair value through profit or loss | 8,315 | (8,315) | 2,726 | 2,726
Provision relating to health insurance operations | 356 | - | 6 | 362
Other | 7,972 | (2,939) | 2,756 | 7,789
Reflected in stockholders’ equity | 1,375 | (343) | 1,299 | 2,331
Adjustment to fair value of financial assets - At fair value through other comprehensive income | 60 | (30) | 1,299 | 1,329
Cash flow hedge | 758 | (297) | - | 461
Other | 557 | (16) | - | 541
Total (1,2) | 61,623 | (24,750) | 18,447 | 55,320
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$ 50,831 and R$ 280, 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.
II - The deferred tax liabilities balance and its changes are represented by:
01/01/2022 | 12/31/2021 | Realization / reversal | Increase | 12/31/2022
Reflected in income | 4,580 | (592) | 3,123 | 7,111
Depreciation in excess finance lease | 137 | - | 4 | 141
Adjustment of deposits in guarantee and provisions | 1,422 | (156) | 173 | 1,439
Post-employment benefits | 6 | (6) | 17 | 17
Adjustments of operations carried out on the futures settlement market | 237 | (237) | 42 | 42
Adjustment to fair value of financial assets - At fair value through profit or loss | 71 | (71) | 1,554 | 1,554
Taxation of results abroad – capital gains | 834 | (104) | 4 | 734
Other | 1,873 | (18) | 1,329 | 3,184
Reflected in stockholders’ equity | 189 | (116) | 221 | 294
Adjustment to fair value of financial assets - At fair value through other comprehensive income | 182 | (114) | 221 | 289
Cash flow hedge | 1 | (1) | - | -
Post-employment benefits | 6 | (1) | - | 5
Total (1) | 4,769 | (708) | 3,344 | 7,405
1) Deferred income tax and social contribution asset and liabilities are recorded in the balance sheet offset by a taxable entity and amounting to R$ 51,469 and R$ 345, respectively.
01/01/2021 |  |  |  |
| 12/31/2020 | Realization / reversal | Increase | 12/31/2021
Reflected in income | 4,853 | (1,029) | 756 | 4,580
Depreciation in excess finance lease | 145 | (8) | - | 137
Adjustment of deposits in guarantee and provisions | 1,404 | (21) | 39 | 1,422
Post-employment benefits | 180 | (178) | 4 | 6
Adjustments of operations carried out on the futures settlement market | 452 | (452) | 237 | 237
Adjustment to fair value of financial assets - At fair value through profit or loss | 136 | (136) | 71 | 71
Taxation of results abroad – capital gains | 644 | (7) | 197 | 834
Other | 1,892 | (227) | 208 | 1,873
Reflected in stockholders’ equity | 608 | (580) | 161 | 189
Adjustment to fair value of financial assets - At fair value through other comprehensive income | 601 | (577) | 158 | 182
Cash flow hedge | 4 | (3) | - | 1
Post-employment benefits | 3 | - | 3 | 6
Total (1) | 5,461 | (1,609) | 917 | 4,769
1) Deferred income tax and social contribution asset and liabilities are recorded in the balance sheet offset by a taxable entity and amounting to R$ 50,831 and R$ 280, respectively.
III - The estimate of realization and present value of deferred tax assets and deferred tax liabilities are:
Summary of Realization and Present Value of Tax Credits and From Provision for Deferred Income Tax and Social Contribution |  |  |  |  |  |  |  |  |  |
| Deferred tax assets | Deferred tax liabilities | % | Net deferred taxes | %
Year of realization | Temporary differences | % | Tax loss / social contribution loss carryforwards | % | Total | %
2023 | 13,634 | 24.3% | 1,473 | 59.0% | 15,107 | 25.8% | (415) | 5.6% | 14,692 | 28.7%
2024 | 13,727 | 24.5% | 844 | 33.8% | 14,571 | 24.9% | (354) | 4.8% | 14,217 | 27.8%
2025 | 6,142 | 11.0% | 142 | 5.7% | 6,284 | 10.7% | (560) | 7.6% | 5,724 | 11.2%
2026 | 5,794 | 10.3% | 28 | 1.1% | 5,822 | 9.9% | (186) | 2.5% | 5,636 | 11.0%
2027 | 6,071 | 10.8% | 6 | 0.2% | 6,077 | 10.4% | (340) | 4.6% | 5,737 | 11.2%
After 2027 | 10,665 | 19.1% | 3 | 0.2% | 10,668 | 18.3% | (5,550) | 74.9% | 5,118 | 10.1%
Total | 56,033 | 100.0% | 2,496 | 100.0% | 58,529 | 100.0% | (7,405) | 100.0% | 51,124 | 100.0%
Present value (1) | 48,792 |  | 2,334 |  | 51,126 |  | (5,594) |  | 45,532 |
1) 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 service fees and other 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 for income tax and social contribution, 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 above are not considered as an indication of future net income.
IV - Deferred tax assets not accounted At 12/31/2022, deferred tax assets not accounted for correspond to R$ 642 and result from Management’s evaluation of their perspectives of realization in the long term (R$ 1,909 at 12/31/2021). c) Tax liabilities
Summary of Tax Liabilities |  |  |
| Note | 12/31/2022 | 12/31/2021
Taxes and contributions on income payable |  | 2,950 | 2,450
Deferred tax liabilities | 24b II | 345 | 280
Other |  | 3,443 | 3,516
Total |  | 6,738 | 6,246
Current |  | 5,974 | 5,788
Non-current |  | 764 | 458

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