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INCOME AND SOCIAL CONTRIBUTION TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Major components of tax expense (income) [abstract]

Schedule of deferred income and social contribution taxes

						December 31, 2023						December 31, 2022
Tax loss						1,209,968						1,207,096
Negative tax basis of social contribution						457,030						445,250
Assets - temporary differences
Provision for judicial liabilities						324,158						268,596
Operating provisions and other losses						1,214,807						999,028
Exchange rate variations						2,384,153						4,297,503
Amortization of fair value adjustments arising from business combinations						654,358						680,142
Unrealized profit on inventories						151,578						363,052
Leases						356,110						364,838
						6,752,162						8,625,505
Liabilities - temporary differences
Goodwill - tax benefit on unamortized goodwill						1,301,654						1,023,103
Property, plant and equipment - deemed cost						1,137,483						1,217,349
Depreciation for tax-incentive reason(1)						799,857						869,997
Capitalized loan costs						640,063						210,834
Fair value of biological assets						1,115,432						703,274
Deferred taxes, net of fair value adjustments						370,947						398,950
Tax credits - gains from tax lawsuit (exclusion of ICMS from the PIS and COFINS basis)						150,691						194,121
Derivatives gains (“MtM”)						678,090						9,164
Other temporary differences						24,109						13,416
						6,218,326						4,640,208
Non-current assets						545,213						3,986,415
Non-current liabilities						11,377						1,118

Schedule of accumulated tax losses and social contribution tax loss carryforwards

						December 31, 2023						December 31, 2022
Tax loss carried forward						4,839,872						4,828,384
Negative tax basis of social contribution carried forward						5,078,111						4,947,222

Schedule of changes in net balance of deferred income tax

						December 31, 2023						December 31, 2022
Opening balance						3,985,297						8,729,929
Tax loss						2,872						50,220
Negative tax basis of social contribution						11,780						34,176
Provision for judicial liabilities						55,562						19,251
Operating provisions and other losses						215,779						33,898
Exchange rate variation						(1,913,350)						(2,257,699)
Derivative gains (“MtM”)						(668,926)						(2,202,857)
Amortization of fair value adjustments arising from business combinations						2,219						8,970
Unrealized profit on inventories						(211,474)						64,164
Leases						(8,728)						(8,534)
Goodwill - tax benefit on unamortized goodwill						(278,551)						(276,614)
Property, plant and equipment - deemed cost						79,866						99,510
Depreciation accelerated for tax-incentive reason						70,140						74,952
Capitalized loan costs						(429,229)						(111,435)
Fair value of biological assets						(412,158)						(272,308)
Credits on exclusion of ICMS from the PIS/COFINS tax base						43,430						3,906
Other temporary differences						(10,693)						(4,232)
Closing balance						533,836						3,985,297

Schedule of changes in the effects of income tax and social contribution on profit or loss

						December 31, 2023						December 31, 2022						December 31, 2021
Net income (loss) before taxes						17,997,216						28,655,581						8,832,957
Income tax and social contribution benefit (expense) at the statutory nominal rate of 34%						(6,119,053)						(9,742,898)						(3,003,205)
Tax effect on permanent differences
Taxation (difference) on profits of subsidiaries in Brazil and abroad (1)						1,688,656						4,915,243						3,445,206
Equity method						(6,589)						96,685						44,309
Thin capitalization (2)						(46,796)						(505,553)						(603,612)
Interest on own capital						510,000
Credit related to the Reintegra Program						7,176						7,829						7,398
Director bonuses						(4,907)						(12,208)						(15,656)
Tax incentives (3)						128,650						51,839						16,443
Donations/Fines – Other						(47,972)						(71,631)						(88,308)
						(3,890,835)						(5,260,694)						(197,425)
Income tax
Current						(352,577)						(464,312)						(276,431)
Deferred						(2,561,991)						(3,485,267)						69,669
						(2,914,568)						(3,949,579)						(206,762)
Social Contribution
Current						(42,815)						(46,584)						(15,684)
Deferred						(933,452)						(1,264,531)						25,021
						(976,267)						(1,311,115)						9,337
Income and social contribution benefits (expenses) for the year						(3,890,835)						(5,260,694)						(197,425)
Effective rate of income and social contribution tax expenses						21.62		%				18.36		%				2.24		%

(1)The difference in the taxation of subsidiaries is substantially due to the differences between the nominal tax rates in Brazil and those of subsidiaries located abroad.

(2)The Brazilian thin capitalization rules establish that interest paid or credited by a Brazilian entity to a related party abroad may only be deducted for income tax and social contribution purposes if the interest expense is viewed as necessary for the activities of the local entity, and when certain limits and requirements are met. On December 31, 2023 and 2022, the Company did not meet all of the limits and requirements, and therefore the expense is not deductible for the period.

Schedule of tax incentives

Area/Regions

Company

Maturity

Northeast Development Superintendence (“SUDENE”)

Eunápolis (BA)

Veracel

2025

Aracruz (ES)

Portocel

2030

Aracruz (ES)

Suzano

2031

Imperatriz (MA)

Suzano

2032

Mucuri (BA)

Suzano

2032

Superintendence of Amazon Development (“SUDAM”)

Belém (PA)

Suzano

2025

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