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INCOME AND SOCIAL CONTRIBUTION TAXES (Tables) | 12 Months Ended
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Dec. 31, 2017
INCOME AND SOCIAL CONTRIBUTION TAXES |
Schedule of reconciliations of income and social contribution taxes at statutory rates to amounts presented in the Statement Of Income |
|  | 2017 |  | 2016 |  | 2015 |
Income (loss) before income taxes |  | (43,276 | ) | (2,581,615 | ) | (6,094,408 | )
Statutory tax rates |  | 34 | % | 34 | % | 34 | %
Income and social contribution taxes at statutory rates |  | 14,714 |  | 877,749 |  | 2,072,099 |
Tax adjustment with respect to: |  |  |  |  |  |  |
- Difference in tax rates in foreign companies |  | (183,787 | ) | (1,162,174 | ) | (222,553 | )
- Equity in earnings of unconsolidated companies |  | (11,763 | ) | (4,342 | ) | (8,331 | )
- Interest on equity* |  | 113 |  | (162 | ) | 63,407 |
- Tax credits and incentives |  | 23,185 |  | 18,494 |  | 19,459 |
- Tax deductible goodwill recorded in statutory books |  | — |  | 36,469 |  | 233,029 |
- No recognition of deferred tax assets |  | — |  | (40,279 | ) | (387,668 | )
- Capital Gain** |  | (98,290 | ) | — |  | — |
- Write-down of deferred tax asset*** |  | — |  | — |  | (284,014 | )
- Other permanent differences, net |  | (39,563 | ) | (30,069 | ) | 12,994 |
Income and social contribution taxes |  | (295,391 | ) | (304,314 | ) | 1,498,422 |
Current |  | (313,758 | ) | (110,511 | ) | (158,450 | )
Deferred |  | 18,367 |  | (193,803 | ) | 1,656,872 |
(*) Brazilian Law 9,249/95 provides that a company may, at its sole discretion, consider dividends distributions to shareholders to be considered as interest on own capital — subject to specific limitations - which has the effect of a taxable deduction in the determination of income tax and social contribution. The limitation is the greater of (i) shareholders’ equity multiplied by the TJLP (Long Term Interest Rate) rate or (ii) 50% of the net income in the fiscal year. This expense is not recognized for financial reporting purposes and thus it does not impact accounting profit. (**) The merger of Gerdau Aços Especiais S.A. and Gerdau América Latina Part. S.A. at Gerdau S.A., generated a taxable capital gain. (***) The Company assessed the recoverability of certain deferred income tax assets and, due to the lack of expected utilization of these assets because of the adjustment of the long-term investment plan in one of its foreign subsidiaries and registered a write-down of R$ 284,014 in 2015.
Schedule of breakdown and changes in deferred income and social contribution tax assets and liabilities at statutory tax rates |
|  | Balance as of January 1, 2015 |  | Recognized in income |  | Comprehensive Income |  | Balance as of December 31, 2015 |
Tax loss carryforward |  | 1,003,441 |  | (259,976 | ) | 144,515 |  | 887,980 |
Social contribution tax losses |  | 148,827 |  | 42,811 |  | — |  | 191,638 |
Provision for tax, civil and labor liabilities |  | 527,731 |  | 110,318 |  | 1,517 |  | 639,566 |
Benefits granted to employees |  | 431,328 |  | (25,694 | ) | 144,231 |  | 549,865 |
Other temporary differences |  | 210,609 |  | 247,458 |  | (76,076 | ) | 381,991 |
Deferred exchange variance* |  | 874,742 |  | 1,292,709 |  | (9,302 | ) | 2,158,149 |
Provision for losses |  | 54,938 |  | 95,596 |  | 1,144 |  | 151,678 |
Difference between book value and tax base of assets acquired in business combinations |  | (1,628,973 | ) | 153,650 |  | (92,557 | ) | (1,567,880 | )
|  | 1,622,643 |  | 1,656,872 |  | 113,472 |  | 3,392,987 |
Non-current assets |  | 2,567,189 |  |  |  |  |  | 4,307,462 |
Non-current liabilities |  | (944,546 | ) |  |  |  |  | (914,475 | )
* Corresponds to deferred taxes over foreign exchange gains and loss which certain subsidiaries elected to tax on a cash basis
|  | Balance as of December 31, 2015 |  | Recognized in income |  | Effect of selling of subsidiary and others |  | Comprehensive Income |  | Balance as of December 31, 2016 |
Tax loss carryforward |  | 887,980 |  | 327,743 |  | (263,297 | ) | (78,069 | ) | 874,357 |
Social contribution tax losses |  | 191,638 |  | 120,254 |  | — |  | — |  | 311,892 |
Provision for tax, civil and labor liabilities |  | 639,566 |  | 118,526 |  | (2,671 | ) | (223 | ) | 755,198 |
Benefits granted to employees |  | 549,865 |  | (67,133 | ) | 34,982 |  | (85,177 | ) | 432,537 |
Other temporary differences |  | 381,991 |  | (21,985 | ) | 20,776 |  | (30,020 | ) | 350,762 |
Deferred exchange variance* |  | 2,158,149 |  | (907,690 | ) | — |  | 1,083 |  | 1,251,542 |
Provision for losses |  | 151,678 |  | (34,059 | ) | (4,671 | ) | (12 | ) | 112,936 |
Difference between book value and tax base of assets acquired in business combinations |  | (1,567,880 | ) | 270,541 |  | 2,984 |  | 216,925 |  | (1,077,430 | )
|  | 3,392,987 |  | (193,803 | ) | (211,897 | ) | 24,507 |  | 3,011,794 |
Non-current assets |  | 4,307,462 |  |  |  |  |  |  |  | 3,407,230 |
Non-current liabilities |  | (914,475 | ) |  |  |  |  |  |  | (395,436 | )
* Corresponds to deferred taxes over foreign exchange gains and loss which certain subsidiaries elected to tax on a cash basis
|  | Balance as of December 31, 2016 |  | Recognized in income |  | Effect of selling of subsidiary and Others |  | Comprehensive Income |  | Balance as of December 31, 2017 |
Tax loss carryforward |  | 874,357 |  | 157,402 |  | (22,362 | ) | (35,759 | ) | 973,638 |
Social contribution tax losses |  | 311,892 |  | 58,963 |  | (15,073 | ) | — |  | 355,782 |
Provision for tax, civil and labor liabilities |  | 755,198 |  | (479,836 | ) | 101 |  | — |  | 275,463 |
Benefits granted to employees |  | 432,537 |  | (48,466 | ) | (9,363 | ) | (91,905 | ) | 282,803 |
Other temporary differences |  | 350,762 |  | (81,627 | ) | 92,174 |  | 48,991 |  | 410,300 |
Deferred exchange variance* |  | 1,251,542 |  | (199,200 | ) | 8,185 |  | — |  | 1,060,527 |
Provision for losses |  | 112,936 |  | (2,208 | ) | — |  | — |  | 110,728 |
Difference between book value and tax base of assets acquired in business combinations |  | (1,077,430 | ) | 613,339 |  | (51,606 | ) | 18,163 |  | (497,534 | )
|  | 3,011,794 |  | 18,367 |  | 2,056 |  | (60,510 | ) | 2,971,707 |
Non-current assets |  | 3,407,230 |  |  |  |  |  |  |  | 3,054,393 |
Non-current liabilities |  | (395,436 | ) |  |  |  |  |  |  | (82,686 | )
* Corresponds to deferred taxes over foreign exchange gains and loss which certain subsidiaries elected to tax on a cash basis
Schedule of estimated recovery and reversal of income and social contributions tax assets and liabilities |
|  | Assets |
|  | 2017 |  | 2016 |
2017 |  | — |  | 512,422 |
2018 |  | 326,356 |  | 391,384 |
2019 |  | 198,590 |  | 364,030 |
2020 |  | 400,597 |  | 535,937 |
2021 |  | 369,857 |  | 499,984 |
2022 on |  | 1,758,993 |  | 1,103,473 |
|  | 3,054,393 |  | 3,407,230 |
|  | Liabilities |
|  | 2017 |  | 2016 |
2017 |  | — |  | (2,283 | )
2018 |  | (2,680 | ) | (89,052 | )
2019 |  | (6,116 | ) | (56,006 | )
2020 |  | (6,498 | ) | (154,664 | )
2021 |  | (4,745 | ) | (14,496 | )
2022 on |  | (62,647 | ) | (78,935 | )
|  | (82,686 | ) | (395,436 | )

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