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INCOME TAX AND SOCIAL CONTRIBUTION | 12 Months Ended
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Dec. 31, 2024
Income Tax And Social Contribution |
INCOME TAX AND SOCIAL CONTRIBUTION |
| 37) | INCOME TAX AND SOCIAL CONTRIBUTION
| a) | Calculation of income tax and social contribution charges
Schedule of income tax and social contribution charges |  |  |
| R$ thousands
Year ended December 31
2024 | 2023 | 2022
Income before income tax and social contribution | 16,900,514 | 10,208,351 | 24,621,610
Total burden of income tax (25%) and social contribution (20%) at the current rates | (7,605,231) | (4,593,758) | (11,079,725)
Effect of additions and exclusions in the tax calculation: |  |  |
Earnings (losses) of associates and joint ventures | 689,213 | 945,756 | 610,167
Interest on shareholders’ equity | 5,077,509 | 5,089,859 | 4,577,308
Other amounts (1) | 2,480,148 | 2,852,557 | 2,727,410
Income tax and social contribution for the period | 641,639 | 4,294,414 | (3,164,840)
Effective rate | 3.8% | 42.1% | (12.9%)
(1) |  | Primarily, includes: (i) the equalization of the effective rate of financial companies except banks, insurance companies and non-financial companies, in relation to that shown; and (ii) the incentivized deductions.
| b) | Composition of income tax and social contribution in the consolidated statement of income
Schedule of income tax and social contribution consolidated statement of income |  |  |
| R$ thousands
Year ended December 31
2024 | 2023 | 2022
Current taxes: |  |  |
Income tax and social contribution expense | (7,414,511) | (6,622,719) | (4,854,205)
Deferred taxes |  |  |
Constitution/realization in the period on temporary additions and exclusions | 8,194,223 | 11,152,253 | 1,352,590
Use of opening balances of: |  |  |
Social contribution loss | (168,131) | (148,548) | (44,551)
Income tax loss | (202,260) | (176,932) | (45,106)
Addition for: |  |  |
Social contribution loss | 69,624 | 34,413 | 78,056
Income tax loss | 162,694 | 55,947 | 348,376
Total deferred tax benefit | 8,056,150 | 10,917,133 | 1,689,365
Income tax benefit / (expense) | 641,639 | 4,294,414 | (3,164,840)
| c) | Deferred income tax and social contribution presented in the consolidated statement of financial position
Schedule of income tax and social contribution consolidated statement of financial position |  |  |  |
| R$ thousands
Balance on December 31, 2023 | Amount recorded | Amount realized | Balance on December 31, 2024
Provisions for credit losses | 59,099,785 | 16,581,669 | (8,155,178) | 67,526,276
Civil provisions | 3,778,420 | 355,631 | (706,320) | 3,427,730
Tax provisions | 3,241,356 | 290,403 | (103,261) | 3,428,498
Labor provisions | 2,068,013 | 278,344 | (1,180,385) | 1,165,970
Impairment of securities and investments | 3,249,695 | 1,586,509 | (1,288,999) | 3,547,205
Non-financial assets held for sale | 735,678 | 193,066 | (229,410) | 699,334
Adjustment to fair value of securities | 270,017 | 3,592 | (257,796) | 15,813
Amortization of goodwill | 403,841 | 15,589 | (23,386) | 396,044
Other | 5,356,240 | 3,290,060 | (2,765,888) | 5,880,412
Total deductible taxes on temporary differences | 78,203,042 | 22,594,863 | (14,710,623) | 86,087,282
Income tax and social contribution losses in Brazil and overseas | 18,893,423 | 232,318 | (370,391) | 18,755,350
Subtotal | 97,096,465 | 22,827,181 | (15,081,014) | 104,842,632
Adjustment to fair value of securities at fair value through other comprehensive income | 1,180,023 | 4,810,633 | (3,634,302) | 2,356,354
Total deferred tax assets (1) | 98,276,488 | 27,637,814 | (18,715,316) | 107,198,986
Deferred tax liabilities (1) | 7,365,091 | 663,702 | (973,685) | 7,055,108
Net deferred taxes (1) | 90,911,397 | 26,974,112 | (17,741,631) | 100,143,878
| R$ thousands
Balance on December 31, 2022 | Amount recorded | Amount realized | Balance on December 31, 2023
Provisions for credit losses | 51,069,942 | 17,996,746 | (9,966,903) | 59,099,785
Civil provisions | 3,509,402 | 685,455 | (416,437) | 3,778,420
Tax provisions | 3,262,366 | 303,532 | (324,545) | 3,241,353
Labor provisions | 2,686,567 | 359,617 | (978,171) | 2,068,013
Impairment of securities and investments | 2,441,248 | 1,455,059 | (646,612) | 3,249,695
Non-financial assets held for sale | 761,801 | 213,118 | (239,241) | 735,678
Adjustment to fair value of securities | 80,520 | 208,065 | (18,568) | 270,017
Amortization of goodwill | 406,655 | 20,870 | (23,684) | 403,841
Other | 4,252,332 | 3,067,006 | (1,963,098) | 5,356,240
Total deductible taxes on temporary differences | 68,470,833 | 24,309,468 | (14,577,259) | 78,203,042
Income tax and social contribution losses in Brazil and overseas | 19,128,543 | 90,360 | (325,480) | 18,893,423
Subtotal | 87,599,376 | 24,399,828 | (14,902,739) | 97,096,465
Adjustment to fair value of securities at fair value through other comprehensive income | 3,767,052 | 413,331 | (3,000,360) | 1,180,023
Total deferred tax assets (1) | 91,366,428 | 24,813,159 | (17,903,099) | 98,276,488
Deferred tax liabilities (1) | 8,785,135 | 987,691 | (2,407,735) | 7,365,091
Net deferred taxes (1) | 82,581,293 | 23,825,468 | (15,495,364) | 90,911,397
(1) |  | Deferred income and social contribution tax assets and liabilities are offset in the statement of financial position within each taxable entity, which was a total of R$(5,548,220) thousand in 2024 (R$(5,757,564) thousand in 2023).
| d) | Expected realization of deferred tax assets on temporary differences and carry-forward tax losses
Schedule of deferred tax assets on temporary differences and carry-forward tax losses |  |  |  |  |
| On December 31, 2024 - R$ thousand
Temporary differences | Carry-forward tax losses | Total
Income tax | Social contribution | Income tax | Social contribution
2025 | 7,759,849 | 6,088,210 | 170,393 | 93,196 | 14,111,648
2026 | 8,966,110 | 7,101,433 | 187,190 | 90,064 | 16,344,797
2027 | 7,531,727 | 5,968,641 | 156,330 | 58,439 | 13,715,137
2028 | 7,563,722 | 5,922,301 | 591,801 | 409,330 | 14,487,154
2029 | 6,065,862 | 4,706,850 | 1,002,763 | 756,229 | 12,531,704
2030 | 3,536,177 | 2,802,450 | 1,227,384 | 1,001,317 | 8,567,328
2031 | 2,546,685 | 2,011,892 | 1,596,397 | 1,301,212 | 7,456,186
2032 | 1,935,387 | 1,524,740 | 1,949,189 | 1,588,475 | 6,997,791
2033 | 1,544,402 | 1,163,226 | 2,340,983 | 1,922,001 | 6,970,612
2034 | 759,476 | 588,142 | 928,425 | 1,384,232 | 3,660,275
Total | 48,209,397 | 37,877,885 | 10,150,855 | 8,604,495 | 104,842,632
The projection of realization of tax credits is an estimate and is not directly related to the expectation of accounting profits and contemplates the rules for deductibility of credit losses, established by Laws No. 14,467/22 and No. 15,078/24.
| e) | Deferred tax liabilities
Schedule of deferred tax liabilities |  |  |  |
| R$ thousands
Balance on December 31, 2023 | Amount constituted | Amount realized | Balance on December 31, 2024
Fair value adjustment to securities and derivative financial instruments | 1,150,588 | 60,628 | (768,077) | 443,139
Difference in depreciation | 616,829 | 190,634 | (81,260) | 726,203
Judicial deposit | 1,787,400 | 251,639 | (30,511) | 2,008,528
Other | 3,810,273 | 160,801 | (93,837) | 3,877,238
Total deferred tax liabilities | 7,365,090 | 663,702 | (973,685) | 7,055,108
| R$ thousands
Balance on December 31, 2022 | Amount constituted | Amount realized | Balance on December 31, 2023
Fair value adjustment to securities and derivative financial instruments | 1,310,556 | 342,978 | (502,946) | 1,150,588
Difference in depreciation | 434,496 | 191,982 | (9,649) | 616,829
Judicial deposit | 2,735,883 | 276,277 | (1,224,760) | 1,787,400
Other | 4,304,200 | 176,453 | (670,380) | 3,810,273
Total deferred tax liabilities | 8,785,135 | 987,690 | (2,407,735) | 7,365,090
| f) | Income tax and social contribution on adjustments recognized directly in other comprehensive income
Schedule of income tax and social contribution in other comprehensive income |  |  |  |  |  |
| R$ thousands
On December 31, 2024 | On December 31, 2023
Before tax | Tax (expense)/ benefit | Net of tax | Before tax | Tax (expense)/ benefit | Net of tax
Debt instruments at fair value through other comprehensive income | (10,616,772) | 4,351,914 | (6,264,858) | 8,792,390 | (3,725,426) | 5,066,964
Exchange differences on translations of foreign operations | 759,955 | (341,980) | 417,975 | 21,664 | (9,749) | 11,915
Other | 4,429,936 | (1,993,471) | 2,436,465 | (2,183,307) | 982,488 | (1,200,819)
Total | (5,426,881) | 2,016,463 | (3,410,418) | 6,630,746 | (2,752,686) | 3,878,060

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