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Current and deferred income tax and social contribution (Tables)

12 Months Ended

Dec. 31, 2021

Current and deferred income tax and social contribution

Schedule of 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)

Schedule of 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)

Schedule of 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