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Income taxes | 12 Months Ended
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Dec. 31, 2019
Text block [abstract] |
Income taxes |
11. | Income taxes
| (a) | Reconciliation of income tax expense
The following is a reconciliation of income tax expense to profit (loss) for the year, calculated by applying the combined Brazilian statutory rates at 34% for the years ended December 31, 2019, 2018 and 2017:
|  | 2019 |  |  | 2018 |  |  | 2017 |
Profit (loss) before income taxes |  |  | 1,090,655 |  |  |  | 442,339 |  |  |  | (95,665 | )
Brazilian statutory rate |  |  | 34 | % |  |  | 34 | % |  |  | 34 | %
Tax (expense) benefit at the statutory rate |  |  | (370,823 | ) |  |  | (150,395 | ) |  |  | 32,526 |
Additions (exclusions): |  |  |  |  |  |  |  |  |
Gain from entities not subject to the payment of income taxes |  |  | 47,782 |  |  |  | (3,283 | ) |  |  | (37,098 | )
Interest on capital |  |  | 10,102 |  |  |  | — |  |  |  | — |
Other permanent differences |  |  | 6,039 |  |  |  | (2,871 | ) |  |  | (3,805 | )
Equity pickup on associates |  |  | (275 | ) |  |  | 169 |  |  |  | 105 |
Unrecorded deferred taxes |  |  | (2,030 | ) |  |  | (652 | ) |  |  | (1,332 | )
Use of tax losses previously unrecorded |  |  | 5,163 |  |  |  | 2,689 |  |  |  | 218 |
Unrealized gain on previously held interest on acquisition |  |  | — |  |  |  | 7,290 |  |  |  | — |
Tax incentives (i) |  |  | 5,666 |  |  |  | 3,300 |  |  |  | — |
Research and development tax benefit |  |  | 8,188 |  |  |  | 4,026 |  |  |  | — |
Other tax incentives |  |  | 3,728 |  |  |  | 2,615 |  |  |  | 82 |
Total income tax and social contribution (expense) gain |  |  | (286,460 | ) |  |  | (137,112 | ) |  |  | (9,304 | )
Effective tax rate |  |  | 26 | % |  |  | 31 | % |  |  | (10 | )%
Current income tax and social contribution |  |  | (217,228 | ) |  |  | (154,882 | ) |  |  | (5,682 | )
Deferred income tax and social contribution |  |  | (69,232 | ) |  |  | 17,770 |  |  |  | (3,622 | )
Total income tax and social contribution (expense) gain |  |  | (286,460 | ) |  |  | (137,112 | ) |  |  | (9,304 | )
(i) | Incentives to cultural and artistic activities (“Rouanet Law”), sports, child and adolescent rights fund and fund for the elderly.
| (b) | Deferred income taxes
Net changes in deferred income taxes relate to the following:
|  | 2019 |  |  | 2018 |
Beginning balance before adoption of new accounting standard |  |  | 182,445 |  |  |  | 145,966 |
Adoption of new accounting standard |  |  | — |  |  |  | 24,362 |
Beginning balance after adoption of new accounting standard |  |  | 182,445 |  |  |  | 170,328 |
Losses available for offsetting against future taxable income |  |  | (46,177 | ) |  |  | (8,328 | )
Tax credit carryforward |  |  | (2,720 | ) |  |  | 18,762 |
Tax deductible goodwill on non-controlling interest |  |  | 61,127 |  |  |  | — |
Temporary differences under FIDC |  |  | (27,806 | ) |  |  | (16,095 | )
Share-based compensation |  |  | 6,354 |  |  |  | 16,103 |
Deferred income taxes arising from business combinations |  |  | 5,890 |  |  |  | (8,672 | )
Technological innovation benefit |  |  | (6,385 | ) |  |  | (3,079 | )
Changes in FVOCI |  |  | 7,758 |  |  |  | 7,198 |
Others |  |  | 1,608 |  |  |  | 6,228 |
Final balance |  |  | 182,094 |  |  |  | 182,445 |
Deferred tax assets on tax losses |  |  | 124,530 |  |  |  | 174,380 |
Tax deductible goodwill on non-controlling interest |  |  | 61,127 |  |  |  | — |
Assets at FVOCI |  |  | 39,060 |  |  |  | 31,302 |
Tax credit carryforward |  |  | 34,932 |  |  |  | 37,652 |
Share-based compensation |  |  | 26,158 |  |  |  | 19,804 |
Temporary differences under FIDC |  |  | (68,099 | ) |  |  | (40,293 | )
Deferred income taxes arising from business combinations |  |  | (30,961 | ) |  |  | (36,851 | )
Technological innovation benefit |  |  | (9,464 | ) |  |  | (3,079 | )
Others |  |  | 4,811 |  |  |  | (470 | )
Deferred tax, net |  |  | 182,094 |  |  |  | 182,445 |
Under Brazilian tax law, temporary differences and tax losses can be carried forward indefinitely, however the loss carryforward can only be used to offset up to 30% of taxable profit for the year.
| (c) | Unrecognized deferred taxes
The Group has accumulated tax loss carryforwards and other temporary differences in some subsidiaries in the amount of R$ 2,714 (2018 – R$ 5,439) for which a deferred tax asset was not recognized, and are available indefinitely for offsetting against future taxable profits of the companies in which the losses arose. Deferred tax assets have not been recognized with respect of these losses as they cannot be used to offset taxable profits between subsidiaries of the Group, and there is no other evidence of recoverability in the near future.

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