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v3.21.1

Income and Social Contribution Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Text block [abstract] |
Deferred taxes |
| 12/31/2020 |  |  | 12/31/2019 |
Assets - deferred income and social contribution taxes on: |  |  |  |  |
Provision for impairment of assets | 75,231 |  |  | 72,377 |
Provisions for tax, civil, and labor risks | 138,516 |  |  | 150,085 |
Provision for post-employment benefits | 96,108 |  |  | 92,199 |
Provision for differences between cash and accrual basis (i) | 606,054 |  |  | 224,065 |
Goodwill | 5,161 |  |  | 8,161 |
Business combination – tax basis vs. accounting basis of goodwill | 75,515 |  |  | 75,745 |
Provision for asset retirement obligation | 15,728 |  |  | 14,762 |
Provision for suppliers | 49,501 |  |  | 35,214 |
Provision for profit sharing and bonus | 56,873 |  |  | 44,818 |
Leases payable | 41,932 |  |  | 19,003 |
Change in fair value of subscription warrants | 22,833 |  |  | 16,338 |
Provision for deferred revenue | 25,770 |  |  | 29,961 |
Other provisions | 14,917 |  |  | 15,355 |
Tax losses and negative basis for social contribution carryforwards (9.d) | 363,862 |  |  | 278,140 |
Total | 1,588,001 |  |  | 1,076,223 |
Offset liability balance of deferred IRPJ and CSLL | (613,290 | ) |  | (422,529 | )
Net balance of deferred taxes assets | 974,711 |  |  | 653,694 |
Liabilities - deferred income and social contribution taxes on: |  |  |  |  |
Revaluation of PP&E | 1,776 |  |  | 1,866 |
Leases payable | 1,895 |  |  | 2,356 |
Provision for differences between cash and accrual basis (i) | 402,780 |  |  | 257,718 |
Provision for goodwill | 92,242 |  |  | 39,186 |
Business combination – fair value of assets | 111,832 |  |  | 114,125 |
Other provisions | 15,497 |  |  | 14,809 |
Total | 626,022 |  |  | 430,060 |
Offset asset balance of deferred IRPJ and CSLL | (613,290 | ) |  | (422,529 | )
Net balance of deferred taxes liabilities | 12,732 |  |  | 7,531 |
(i) Refers mainly to the income tax on the exchange variation of the derivate hedging instruments.
Summary of Changes in Balances of Deferred Taxes | Changes in the net balance of deferred IRPJ and CSLL are as follows:
| 2020 |  | 2019 |  | 2018 |
Initial balance | 646,163 |  | 504,890 |  | 530,419 |
Deferred IRPJ and CSLL recognized in income of the year | 87,939 |  | 97,465 |  | (162,417 | )
Deferred IRPJ and CSLL recognized in other comprehensive income | 210,034 |  | 40,497 |  | 133,124 |
Deferred IRPJ and CSLL recognized in business combination | - |  | - |  | 1,054 |
Others | 17,843 |  | 3,311 |  | 2,710 |
Final balance | 961,979 |  | 646,163 |  | 504,890 |
Summary of Recovery of Deferred Tax Assets | The estimated recovery of deferred tax assets relating to IRPJ and CSLL is stated as follows:
Up to 1 year | 203,341
From 1 to 2 years | 154,684
From 2 to 3 years | 79,646
From 3 to 5 years | 189,231
From 5 to 7 years | 634,200
From 7 to 10 years | 326,899
Total of deferred tax assets relating to IRPJ and CSLL | 1,588,001
Summary of Reconciliation of Taxes | IRPJ and CSLL are reconciled to the statutory tax rates as follows:
| 2020 |  | 2019 |  | 2018 |
Income (loss) before taxes and share of profit (loss) of joint ventures, and associates | 1,542,681 |  | 793,698 |  | 1,785,818 |
Statutory tax rates – % | 34 |  | 34 |  | 34 |
Income and social contribution taxes at the statutory tax rates | (524,512 | ) | (269,857 | ) | (607,178 | )
Adjustments to the statutory income and social contribution taxes: |  |  |  |  |  |
Nondeductible expenses (i) | (74,877 | ) | (68,795 | ) | (82,784 | )
Nontaxable revenues (ii) | 33,552 |  | 28,235 |  | 32,523 |
Adjustment to estimated income (iii) | 8,850 |  | 10,511 |  | 9,706 |
Interest on equity (iv) | - |  | - |  | (538 | )
Unrecorded deferred income and social contribution taxes carryforwards deferred (v) | (123,300 | ) | (146,820 | ) | (95,480 | )
Other adjustments | 24,992 |  | 24,873 |  | (2,634 | )
Income and social contribution taxes before tax incentives | (655,295 | ) | (421,853 | ) | (746,385 | )
Tax incentives - SUDENE | 83,928 |  | 43,244 |  | 107,666 |
Income and social contribution taxes in the income statement | (571,367 | ) | (378,609 | ) | (638,719 | )
Current | (659,306 | ) | (476,074 | ) | (476,302 | )
Deferred | 87,939 |  | 97,465 |  | (162,417 | )
Effective IRPJ and CSLL rates – % | 37.0 |  | 47.7 |  | 35.8 |
(i) | C onsist of certain expenses that cannot be deducted for tax purposes under applicable tax legislation, such as expenses with fines, donations, gifts, losses of assets, negative effects of foreign subsidiaries and certain provisions.
(ii) | C onsist of certain gains and income that are not taxable under applicable tax legislation, such as the reimbursement of taxes and the reversal of certain provisions.
(iii) | Brazilian tax law allows for an alternative method of taxation for companies that generated gross revenues of up to R$ 7 8 million in their previous fiscal year. Certain subsidiaries of the Company adopted this alternative form of taxation, whereby income and social contribution taxes are calculated on a basis equal to 32% of operating revenues, as opposed to being calculated based on the effective taxable income of these subsidiaries. The adjustment to estimated income represents the difference between the taxation under this alternative method and the income and social contribution taxes that would have been pa id based on the effective statutory rate applied to the taxable income of these subsidiaries.
(iv) | Interest on equity is an option foreseen in Brazilian corporate law to distribute profits to shareholders, calculated based on the long-term interest rate (“TJLP”), which does not affect the income statement, but is deductible for purposes of IRPJ and CSLL, being taxable to the beneficiary and deductible to the entity that pays.
(v) | See Note 9.d.
Summary of Tax Incentives | The following subsidiaries are entitled to federal tax benefits providing for IRPJ reduction under the program for development of northeastern Brazil operated by the Superintendence for the Development of the Northeast (“SUDENE”), as shown below:
Subsidiary | Units | Incentive - % | Expiration
Bahiana Distribuidora de Gás Ltda. | Mataripe base | 75 | 2024
| Caucaia base | 75 | 2025
| Juazeiro base | 75 | 2026
| Aracaju base | 75 | 2027
| Suape base | 75 | 2027
Terminal Químico de Aratu S.A. – Tequimar | Suape terminal (1) | 75 | 2020
| Aratu terminal | 75 | 2022
| Itaqui terminal | 75 | 2025
Oleoquímica Indústria e Comércio de Produtos Químicos Ltda. | Camaçari plant | 75 | 2021
Oxiteno S.A. Indústria e Comércio (2) | Camaçari plant | 75 | 2026
Empresa Carioca de Produtos Químicos S.A. (3) | Camaçari plant | 75 | 2026
(1) | Based on the legislation in force the enterprise belongs to the sectors identified as priorities for the development of the Northeast region of Brazil. C ombined with Tequimar's successful track record in meeting the requirements for maintaining and renewing the incentive, as well as in the fact that several investments have been made in the modernization of the production process of the unit that is the object of the benefit – Suape Terminal, the request for the extension of the incentive for another 10 years will be filed in 2021 at SUDENE. The ren ewal request is usually made in the year after the year in which the incentive expires and generates retroactive effects as of January of the year in which the request is filed.
(2) | The request for renewal of the Oleoquímica incentive will be filed in 2022, for the same reasons described in note 1 above.
(3) | The request to transfer the right to reduce the IRPJ to Oxiteno S.A. was submitted to SUDENE and waits decision.
Summary of deferred income and social contribution tax assets | The balances which are constituted of deferred taxes related to income tax loss carryforwards and negative basis of social contribution base are as follows:
| 12/31/2020 |  | 12/31/2019
Oxiteno S.A. | 205,604 |  | 148,306
Extrafarma | 72,318 |  | 72,318
Ipiranga | 44,537 |  | -
Ultrapar | 27,736 |  | 27,051
Iconic | 5,691 |  |
Abastece Aí | 7,362 |  | -
Tequimar Vila do Conde | 489 |  | 17,657
Ultracargo | 107 |  | -
UVC Investimentos | 18 |  | -
Cia Ultragaz | - |  | 12,808
| 363,862 |  | 278,140
The balances which are not constituted of deferred taxes related to income tax loss carryforwards and negative basis of social contribution base are as follows:
| 12/31/2020 |  | 12/31/2019
Extrafarma | 294,400 |  | 237,664
Millennium | 640 |  | 96
Integra Frotas | 7,802 |  | 4,636
| 302,842 |  | 242,396
Schedule of foreign subsidiaries have tax loss carryforwards | In addition, the following foreign subsidiaries that do not have deferred taxes recognized related to income tax, as shown below, subject to local compensation rules.
| 12/31/2020 |  | 12/31/2019 |  | 12/31/2020 |  | 12/31/2019
| US$ (thousands) |  | US$ (thousands) |  | R$ (thousands) |  | R$ (thousands)
Oxiteno USA | 217,837 |  | 184,781 |  | 1,132,035 |  | 744,797
Oxiteno Uruguai | 7,943 |  | 7,444 |  | 41,279 |  | 30,005
Ultrapar International | 6,261 |  | 10,420 |  | 32,535 |  | 42,000
| 232,041 |  | 202,645 |  | 1,205,849 |  | 816,802

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