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v3.22.1

Current and deferred income tax and social contribution | 12 Months Ended
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Dec. 31, 2021
Current and deferred income tax and social contribution |
Current and deferred income tax and social contribution |
32 | Current and deferred income tax and social contribution
a. | Amounts recognized in profit or loss for the period
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 12/31/2021 |  | 12/31/2020 |  | 12/31/2019
​ | ​ | ​ | ​ | ​ | ​ | ​
Current income tax and social contribution expenses |  | (52,441) |  | (13,166) |  | (5,859)
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred income tax and social contribution expenses |  |  |  |  |  |
Provision for impairment losses on loans and advances |  | 186,178 |  | 34,261 |  | 28,503
Provisions for legal and tax matters |  | 929 |  | 890 |  | 629
Adjustment of financial assets to fair value |  | 26,270 |  | 17,945 |  | (12,388)
Other temporary differences |  | 19,215 |  | (34,720) |  | 18,648
Hedge transactions |  | 8,986 |  | 8,553 |  | 12,271
Tax Losses carried forward |  | 36,779 |  | 23,946 |  | (3,054)
Receivable from the sale of investments |  | (49,922) |  | — |  | (9,064)
Subtotal deferred income tax and social contribution expenses |  | 228,435 |  | 50,875 |  | 35,545
​ | ​ | ​ | ​ | ​ | ​ | ​
Total tax expense(benefit) |  | 175,993 |  | 37,709 |  | 29,686
Total deferred income tax and social contribution |  | 228,434 |  | 50,875 |  | 35,545
Total income tax and social contribution expenses |  | (52,441) |  | (13,166) |  | (5,959)
​
b. | Reconciliation of effective tax rate
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 12/31/2021 |  | 12/31/2020 |  | 12/31/2019 |
​ | ​ | Income Tax | ​ | Income Tax | ​ | Income Tax |
​ | ​ | ​ |  | ​ | ​ | ​ |  | ​ | ​ | ​ |  | ​ | ​
Profit before tax | ​ | ​ |  | (231,061) | ​ | ​ |  | (7,023) |  |  |  | 685 | ​
Tax average using |  | 45 | % | 103,977 |  | 45 | % | 3,160 |  | 45 | % | (247) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Tax effect of |  |  |  |  |  |  |  |  |  |  |  | ​ | ​
Interest on capital distribution | ​ | ​ |  | 18,671 | ​ | ​ |  | 17,978 |  |  |  | 20,013 | ​
Non-taxabe income(non-deductible expenses) net | ​ | ​ |  | (27,744) | ​ | ​ |  | 34,502 |  |  |  | 15,131 | ​
Tax incentives | ​ | ​ |  | 188 | ​ | ​ |  | — |  |  |  | — | ​
Subsidiaries not subject to Real Profit taxation | ​ | ​ |  | 81,957 | ​ | ​ |  | (17,129) |  |  |  | (2,637) | ​
Others | ​ | ​ |  | (1,055) | ​ | ​ |  | (803) |  |  |  | (2,548) | ​
Total income tax benefit/ expense | ​ | ​ |  | 175,993 | ​ | ​ |  | 37,709 |  |  |  | 29,685 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Effective tax rate | ​ | ​ |  | (76) | % | ​ |  | (537) | % |  |  | 4,334 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total income tax benefit/ expense | ​ | ​ |  | 175,993 | ​ | ​ |  | 37,709 |  |  |  | 29,685 | ​
Total deferred income tax and social contribution | ​ | ​ |  | 228,434 | ​ | ​ |  | 50,875 |  |  |  | 11,206 | ​
Total income tax and social contribution expenses | ​ | ​ |  | (52,441) | ​ | ​ |  | (13,166) |  |  |  | (5,859) | ​
​
c. | Changes in the balances of deferred taxes
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Balance on |  | ​ |  | ​ |  | Balance on
​ | ​ | 12/31/2020 | ​ | Constitution | ​ | Realization | ​ | 12/31/2021
Composition of the deferred tax assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Provision for impairment losses on loans and advances |  | 109,620 |  | 227,915 |  | (41,736) |  | 295,799
Provisions for legal and tax matters |  | 8,791 |  | 3,855 |  | (2,926) |  | 9,720
Adjustment of financial assets to fair value |  | — |  | 450,377 |  | (265,491) |  | 184,886
Other temporary differences |  | 1,893 |  | 62,617 |  | (1,571) |  | 62,939
Carryforward tax losses |  | 58,794 |  | 160,115 |  | (123,337) |  | 95,574
Provision for loss of non-current assets held for sale |  | 4,383 |  | 4,607 |  | — |  | 8,990
Expected loss on financial instruments - FVTPL |  | 343 |  | 6,093 |  | — |  | 6,436
Hedge transactions |  | 22,195 |  | 23,568 |  | (14,582) |  | 31,181
Total of the deferred tax assets |  | 206,019 |  | 939,147 |  | (449,643) |  | 695,525
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Composition of the deferred tax liabilities |  |  |  |  |  |  |  |
Receivable from the sale of investments |  | (36,841) |  | — |  | 15,021 |  | (21,820)
Adjustment of finacial assets to fair value |  | (18,509) |  | — |  | 18,509 |  | —
Comission Deferral |  | (5,576) |  | — |  | 1,707 |  | (3,869)
Others (*) |  | — |  | (63,546) |  | — |  | (63,546)
Total of the deferred tax liabilities |  | (60,926) |  | (63,546) |  | 35,237 |  | (89,235)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total deferred tax liability |  | 145,093 |  | 875,601 |  | (414,406) |  | 606,290
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Balance on |  | ​ |  | ​ |  | Balance on
​ | ​ | 12/31/2019 | ​ | Constitution | ​ | Realization | ​ | 12/31/2020
Composition of the deferred assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Provision for impairment losses on loans and advances |  | 72,721 |  | 62,580 |  | (25,681) |  | 109,620
Provisions for legal and tax matters |  | 7,901 |  | 6,402 |  | (5,512) |  | 8,791
Adjustment of financial assets to fair value |  | 2,308 |  | — |  | (2,308) |  | —
Other temporary differences |  | 523 |  | 1,522 |  | (152) |  | 1,893
Carryforward tax losses |  | 23,108 |  | 183,865 |  | (148,179) |  | 58,794
Provision for loss of non-current assets held for sale |  | 5,656 |  | — |  | (1,274) |  | 4,382
Expected loss on financial instruments - FVTPL |  | — |  | 343 |  | — |  | 343
Hedge transactions |  | — |  | 133,123 |  | (110,928) |  | 22,195
Total of the deffered tax assets |  | 112,217 |  | 387,835 |  | (294,034) |  | 206,018
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Composition of the deferred tax liabilities |  |  |  |  |  |  |  |
Receivable from the sale of investments |  | — |  | (36,841) |  | — |  | (36,841)
Hedge transactions |  | (1,751) |  | — |  | 1,751 |  |
Adjustment of financial assets to fair value |  | (12,389) |  | (22,132) |  | 16,013 |  | (18,508)
Comission Deferral |  | (7,384) |  | — |  | 1,808 |  | (5,576)
Total of the deffered tax liabilities |  | (21,524) |  | (58,973) |  | 19,572 |  | (60,926)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total of the deffered tax liability |  | 90,693 |  | 328,862 |  | (274,462) |  | 145,093
​ The accounting records of these tax credits are based on the expectation of generating future taxable income and supported by technical studies and income projections.

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