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Income taxes | 6 Months Ended
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Jun. 30, 2023
Notes and other explanatory information [abstract] |
Income taxes |
| 7. | Income taxes
a) Income tax reconciliation Income tax expense is recognized based on the estimate of the weighted average effective tax rate expected for the full year, adjusted for the tax effect of certain items that are recognized in full on the interim tax calculation. Therefore, the effective tax rate in the interim financial statements may differ from management’s estimate of the effective tax rate for the year. The reconciliation of the taxes calculated according to the nominal tax rates and the amount of taxes recorded is shown below:
Schedule of income tax reconciliation |  |  |  |  |
|  | Three-month period ended June 30, | Six-month period ended June 30,
| Notes | 2023 | 2022 | 2023 | 2022
Income before income taxes |  | 2,720 | 5,056 | 5,016 | 11,625
Income taxes at statutory rate (34%) |  | (925) | (1,719) | (1,705) | (3,953)
Adjustments that affect the taxes basis: |  |  |  |  |
Tax incentives |  | 497 | 565 | 902 | 1,059
Equity results |  | 33 | 22 | 3 | 30
Addition (reduction) of tax loss carryforward |  | (172) | 211 | (243) | (444)
Reversal of deferred income tax related to Renova Foundation | 3 and 23(c) | (1,078) | - | (1,078) | -
Other |  | (147) | 10 | (89) | 306
Income taxes |  | (1,792) | (911) | (2,210) | (3,002)
Current tax |  | (404) | (1,181) | (622) | (1,434)
Deferred tax |  | (1,388) | 270 | (1,588) | (1,568)
Income taxes |  | (1,792) | (911) | (2,210) | (3,002)
| b) | Deferred income tax assets and liabilities
Schedule of changes is deferred tax |  |  |
| Assets | Liabilities | Deferred taxes, net
Balance at December 31, 2022 | 10,770 | 1,413 | 9,357
Effect in income statement | (1,620) | (32) | (1,588)
Translation adjustment | 784 | 32 | 752
Other comprehensive income | (30) | (2) | (28)
Balance at June 30, 2023 | 9,904 | 1,411 | 8,493
Balance at December 31, 2021 | 11,441 | 1,881 | 9,560
Effect in income statement | (1,524) | 44 | (1,568)
Translation adjustment | 651 | (1) | 652
Other comprehensive income | (25) | 47 | (72)
Transfers between assets and liabilities | (183) | (183) | -
Other | - | (29) | 29
Balance at June 30, 2022 | 10,360 | 1,759 | 8,601
| c) | Income taxes - Settlement program (“REFIS”)
Schedule of income taxes settlement |  |
| June 30, 2023 | December 31, 2022
Current liabilities | 416 | 371
Non-current liabilities | 1,886 | 1,869
REFIS liabilities | 2,302 | 2,240
SELIC rate | 13.75% | 13.75%
The balance is mainly related to the settlement program of claims regarding the collection of income tax and social contribution on equity gains of foreign subsidiaries and affiliates from 2003 to 2012. As of June 30, 2023, this amount bears SELIC interest rate (Special System for Settlement and Custody) and will be paid in monthly installments until October 2028. The impact of the SELIC over the liability is recorded under the Company’s financial results. d) Uncertain tax positions (“UTP”) There have not been any relevant developments on matters related to UTP since the financial statements for the year ended December 31, 2022. e) Recoverable and payable taxes
Schedule of recoverable and payable taxes |  |
| June 30, 2023 | December 31, 2022
| Current assets | Non-current assets | Current liabilities | Current assets | Non-current assets | Current liabilities
Value-added tax ("ICMS") | 279 | 1 | 24 | 261 | 1 | 46
Brazilian federal contributions ("PIS" and "COFINS") | 917 | 855 | 69 | 690 | 740 | 35
Income taxes | 296 | 373 | 604 | 309 | 369 | 221
Financial compensation for the exploration of mineral resources ("CFEM") | - | - | 66 | - | - | 54
Other | 10 | - | 119 | 12 | - | 114
Total | 1,502 | 1,229 | 882 | 1,272 | 1,110 | 470

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