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INCOME AND SOCIAL CONTRIBUTION TAXES (Tables) | 12 Months Ended
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Dec. 31, 2018
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 |
|  | 2018 |  | 2017 |  | 2016 |
Income (loss) before income taxes |  | 2,157,431 |  | (43,276) |  | (2,581,615) |
Statutory tax rates |  | 34 | % | 34 | % | 34 | %
Income and social contribution taxes at statutory rates |  | (733,527) |  | 14,714 |  | 877,749 |
Tax adjustment with respect to: |  |  |  |  |  |  |
- Difference in tax rates in foreign companies |  | 663,116 |  | (183,787) |  | (1,162,174) |
- Equity in earnings of unconsolidated companies |  | 3,448 |  | (11,763) |  | (4,342) |
- Interest on equity* |  | 128,418 |  | 113 |  | (162) |
- Tax credits and incentives |  | 9,531 |  | 23,185 |  | 18,494 |
- Recognition of previously unrecognized tax losses |  | 47,545 |  | — |  | (40,279) |
- Capital Gain** |  | — |  | (98,290) |  | — |
- Other permanent differences, net |  | 50,420 |  | (39,563) |  | 6,400 |
Income and social contribution taxes |  | 168,951 |  | (295,391) |  | (304,314) |
Current |  | (629,209) |  | (313,758) |  | (110,511) |
Deferred |  | 798,160 |  | 18,367 |  | (193,803) |
(*) 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. (**) The merger of Gerdau Aços Especiais S.A. and Gerdau América Latina Part. S.A. at Gerdau S.A., generated a taxable capital gain.
Schedule of breakdown and changes in deferred income and social contribution tax assets and liabilities at statutory tax rates |
|  |  |  |  |  | Effect of selling |  |  |  |
|  | Balance as of |  | Recognized in |  | of subsidiary |  | Comprehensive |  | Balance as of
|  | January 1, 2016 |  | income |  | and others |  | Income |  | 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
Fair value adjustments on businesses acquired |  | (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
|  |  |  |  |  | Effect of selling |  |  |  |
|  | Balance as of |  | Recognized in |  | of subsidiary |  | Comprehensive |  | Balance as of
|  | December 31, 2016 |  | income |  | and Others |  | Income |  | 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
Fair value adjustments on businesses acquired |  | (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
|  | Balance as of |  | Recognized in |  |  |  | Comprehensive |  | Balance as of
|  | December 31, 2017 |  | income |  | Others |  | Income |  | December 31, 2018
Tax loss carryforward |  | 973,638 |  | 341,664 |  | 36,445 |  | (11,814) |  | 1,339,933
Social contribution tax losses |  | 355,782 |  | (18,524) |  | — |  | — |  | 337,258
Provision for tax, civil and labor liabilities |  | 275,463 |  | (5,214) |  | 168 |  | — |  | 270,417
Benefits granted to employees |  | 282,803 |  | (16,564) |  | 67,184 |  | (46,929) |  | 286,494
Other temporary differences |  | 410,300 |  | 93,094 |  | 17,177 |  | 5,247 |  | 525,818
Deferred exchange variance* |  | 1,060,527 |  | 223,850 |  | — |  | — |  | 1,284,377
Provision for losses |  | 110,728 |  | (33,165) |  | (12) |  | 6,286 |  | 83,837
Fair value adjustments on businesses acquired |  | (497,534) |  | 213,019 |  | (89,859) |  | 1,926 |  | (372,448)
|  | 2,971,707 |  | 798,160 |  | 31,103 |  | (45,284) |  | 3,755,686
Non-current assets |  | 3,054,393 |  |  |  |  |  |  |  | 3,874,054
Non-current liabilities |  | (82,686) |  |  |  |  |  |  |  | (118,368)
*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
|  | 2018 |  | 2017
2018 |  | — |  | 326,356
2019 |  | 609,546 |  | 198,590
2020 |  | 585,047 |  | 400,597
2021 |  | 338,896 |  | 369,857
2022 |  | 306,130 |  | 168,125
2023 after |  | 2,034,435 |  | 1,590,868
|  | 3,874,054 |  | 3,054,393
|  | Liabilities
|  | 2018 |  | 2017
2018 |  | — |  | (2,680)
2019 |  | (18,055) |  | (6,116)
2020 |  | (25,144) |  | (6,498)
2021 |  | (13,548) |  | (4,745)
2022 |  | (14,009) |  | (18,514)
2023 after |  | (47,612) |  | (44,133)
|  | (118,368) |  | (82,686)

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