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Income tax and social contribution | 12 Months Ended
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Dec. 31, 2021
Text block [abstract] |
Income tax and social contribution | 15. Income tax and social contribution Accounting policy The statutory income taxes rate in Brazil is 34%. Income taxes in Brazil are paid by each legal entity on a stand-alone basis and tax consolidation is not permitted. Current tax and deferred tax are recognized in profit or loss except for some transactions that are recognized directly in equity or in other comprehensive income. a) Current tax Current tax is the expected tax payable or receivable on the taxable income or loss for the period, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. b) Deferred tax Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes and tax loss. The measurement of deferred tax reflects the way the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to taxes levied by the same tax authority and the same taxable entity. c) Tax exposure In determining the amount of current and deferred tax, the Company considers the impact of uncertain tax positions and whether additional taxes and interest may be due. This assessment relies on estimates and assumptions and may involve a series of judgments about future events. New information may become available that causes the Company to change its judgment regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made. d) Recoverability of deferred income tax and social contribution In assessing the recoverability of deferred taxes, management considers the projections of future taxable income. When it is not probable that part or all the taxes will be realized, the tax asset is reversed. There is no expiration date for the use of tax loss carryforwards and negative bases, but the use of these accumulated losses of previous years is limited to 30% of annual taxable income. a) Reconciliation of income tax and social contribution expenses
| December 31, 2021 |  |  | December 31, 2020 |  |  | December 31, 2019 |
Profit before taxes | 6,250,876 |  |  | 1,990,961 |  |  | 3,661,948 |
Income tax and social contribution nominal rate (34%) | (2,125,298 | ) |  | (676,927 | ) |  | (1,245,062 | )
Adjustments to determine the effective rate |  |  |  |  |  |  |  |
Interest in earnings of investees (non-taxable income) (i) | 1,734,883 |  |  | 207,940 |  |  | 385,097 |
Differences in tax rates on earnings (losses) of overseas companies | 55,910 |  |  | 19,793 |  |  | (78,026 | )
Granted income tax incentive | 199,687 |  |  | 109,081 |  |  | 178,609 |
Share-based payment transactions | 450 |  |  | 9,941 |  |  | 19,986 |
Interest on shareholders’ equity | (72,804 | ) |  | (24,773 | ) |  | (26,766 | )
Non-deductible expenses (donations, gifts, etc.) | (28,061 | ) |  | (4,183) |  |  | (16,925 | )
Tax losses not recorded | (203,809 | ) |  | (170,017 | ) |  | (69,335 | )
ICMS benefit - extemporaneous tax credits (ii) | 290,745 |  |  | — |  |  | — |
ICMS benefit - current period (iii) | 118,107 |  |  | — |  |  | — |
Rate difference | 5,577 |  |  | — |  |  | — |
Amortization of the effects on formation of joint ventures (iv) | 402,571 |  |  | — |  |  | — |
Goodwill amortization effect | 1,271 |  |  | 1,271 |  |  | 1,271 |
Other (v) (vi) | 66,355 |  |  | 25,207 |  |  | 71,555 |
Income tax and social contribution - current and deferred | 445,584 |  |  | (502,667 | ) |  | (779,596 | )
Effective rate | 7.13% |  |  | 25.25% |  |  | 21.29% |
(i) |  | The amount of R$129,792, referring to the amortization of the surplus value of Raizen, is treated as a temporary difference.
(ii) |  | The subsidiary Comgás recognized an extemporaneous credit in the amount of R$ 358,898 (R$ 290,745 principal and R$ 68,152 interest), used through its offset against IRPJ, CSLL, PIS and COFINS payable due in the year , related to the overpayments of Income Taxes (Imposto de Renda Pessoa Jurídica), or “IRPJ,” and Social Contribution on Net Profits (Contribuição Social sobre o Lucro Líquido), or “CSLL”, in the years 2015, 2016 and 2019, when this benefit was not computed in the calculation of the IRPJ and CSLL due by the Company, due to the non-taxation of the benefit of the reduction in the tax base of ICMS in the State of São Paulo from (12% to15.6 % pursuant to art. 8 of Annex II of the ICMS Regulation, approved by State Decree No. 45,900 (“RICMS/SP”), as amended by State Decree No. 62,399/2016. These credits were recognized by the Company based on its best understanding of the subject, substantiated by the opinion of its external legal advisors, which took into account all the jurisprudence applicable to the subject. The Company also considered all the accounting rules in force, which, after being analyzed together, did not indicate any other accounting effect to be recognized.
(iii) |  | After January 1, 2021, the subsidiary Comgás changed its tax procedure, excluding the benefit of the reduction in the ICMS tax base, granted by the State of São Paulo, directly from the calculation of IR and CS for the current year.
(iv) |  | Reversal of deferred income tax and social contribution liabilities on the amortization of fair value related to the gain recorded in the formation of Raízen
(v) |  | The Company reversed the deferred IRPJ and CSLL in the amount of R$284,738, on the interest on the put option in the investment transaction, which involved CIP and the banks, as a result of the settlement of the put option see Note 2.
(vi) |  | Considering the effects of the judgment of STF RE No. 1,063,187, dated September 24, 2021, it concluded that certain financial effects related to the equity recomposition in the event of repetition of undue taxes should not form the basis of the company's taxable income. Company and its subsidiaries the amount of R$370,564.
b) Deferred income tax assets and liabilities The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and liabilities are presented below:
| December 31, 2021 |  |  | December 31, 2020 |
Assets credits of: |  |  |  |  |
Income tax losses | 2,987,069 |  |  | 2,574,260 |
Social contribution losses | 1,087,742 |  |  | 929,432 |
Temporary differences |  |  |  |  |
Share-based payment transactions | 50,114 |  |  | 19,129 |
Allowance for expected credit losses | 28,948 |  |  | 31,416 |
Profit sharing | 111,931 |  |  | 41,080 |
Tax credit losses | 81,918 |  |  | 83,833 |
Interest on preferred shareholders payable in subsidiaries | — |  |  | 167,412 |
Post-employment benefits | 160,082 |  |  | 200,461 |
Loss allowances for impairment | 193,207 |  |  | 226,092 |
Provision for legal proceedings | 374,369 |  |  | 288,967 |
Miscellaneous expense allowance | 401,423 |  |  | 366,224 |
Review of useful life of property, plant and equipment | — |  |  | 399,537 |
Leases | 431,629 |  |  | — |
Foreign exchange - Loans and borrowings | 1,667,500 |  |  | 1,962,892 |
Other (i) | 300,307 |  |  | 242,018 |
| 7,876,239 |  |  | 7,532,753 |
(-) Deferred taxes assets net not recognized (ii) | (2,483,035 | ) |  | (2,318,998 | )
Liabilities credits of: |  |  |  |  |
Temporary differences |  |  |  |  |
Fair value option to loans | (127,318 | ) |  | 526,001 |
Fair value amortization of the property, plant and equipment | (15,976 | ) |  | (2,640 | )
Leases | — |  |  | (25,460 | )
Tax deductible goodwill | (331,404 | ) |  | (839,939 | )
Investment properties | (100,197 | ) |  | — |
Marketable securities | (62,593 | ) |  | — |
Provision for realization - Goodwill recorded in equity (iii) | (449,153 | ) |  | — |
Income on formation of joint ventures | (668,508 | ) |  | (1,135,036 | )
Unrealized gains on derivatives instruments | (1,034,373 | ) |  | (2,206,216 | )
Review of useful life of property, plant and equipment | (53,347 | ) |  | — |
Fair value amortization of the intangible asset | (3,551,836 | ) |  | (3,603,568 | )
Other | 235,073 |  |  | 282,212 |
| (6,159,632 | ) |  | (7,004,646 | )
Total deferred taxes recorded, net | (766,428 | ) |  | (1,790,891 | )
Deferred tax assets | 3,051,628 |  |  | 1,900,241 |
Deferred tax liabilities | (3,818,056 | ) |  | (3,691,132 | )
(i) | Refers mainly to tax losses and temporary differences of the Company, Rumo Malha Sul and Rumo Malha Oeste, which, under current conditions, do not meet the requirements for accounting for said income tax and social contribution assets deferred due to the lack of predictability of future generation of tax profits.
(ii) | Provision for accounting realization of tax loss recognized in the capital contribution in a subsidiary.
c) Changes in deferred income tax
Assets | Tax loss and negative basis |  |  | Employee benefits |  |  | Provisions |  |  | Post-employment benefits |  |  | Property, plant and equipment |  |  | Unregistered credits |  |  | Other |  |  | Total |
At January 1, 2020 | 2,915,329 |  |  | 73,866 |  |  | 963,637 |  |  | 214,496 |  |  | 408,581 |  |  | (2,198,164 | ) |  | 1,177,857 |  |  | 3,555,602 |
Credited / (charged) to the profit for the year | 587,315 |  |  | (13,657 | ) |  | (1,612 | ) |  | 14,958 |  |  | (9,044 | ) |  | (120,834 | ) |  | 113,454 |  |  | 570,580 |
Other comprehensive income (loss) | 1,048 |  |  | — |  |  | 34,505 |  |  | (28,993 | ) |  | — |  |  | — |  |  | 39,930 |  |  | 46,490 |
Exchange differences | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,041,083 |  |  | 1,041,083 |
As at December 31, 2020 | 3,503,692 |  |  | 60,209 |  |  | 996,530 |  |  | 200,461 |  |  | 399,537 |  |  | (2,318,998 | ) |  | 2,372,324 |  |  | 5,213,755 |
Credited / (charged) to the profit for the year | 565,197 |  |  | 101,836 |  |  | 93,396 |  |  | (12,737 | ) |  | (433,371 | ) |  | (163,890 | ) |  | (1,642,143 | ) |  | (1,491,712 | )
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | (27,642 | ) |  | — |  |  | (147 | ) |  | 20,035 |  |  | (7,754 | )
Recognized in equity | 5,878 |  |  | — |  |  | 68 |  |  | — |  |  | — |  |  | — |  |  | 4,267 |  |  | 10,213 |
Business combination (Note 9.3) | 44 |  |  | — |  |  | (10,129 | ) |  | — |  |  | (19,513 | ) |  | — |  |  | — |  |  | (29,598 | )
Exchange differences | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,213,324 |  |  | 1,213,324 |
As at December 31, 2021 | 4,074,811 |  |  | 162,045 |  |  | 1,079,865 |  |  | 160,082 |  |  | 53,347 |  |  | (2,483,035 | ) |  | 1,967,807 |  |  | 4,908,228 |
Liabilities | Effects on the formation of joint ventures |  |  | Intangible assets |  |  | Unrealized gains on derivatives |  |  | Leases |  |  | Fair value adjustment |  |  | Other |  |  | Total |
At January 1, 2020 | (1,135,036 | ) |  | (3,663,085 | ) |  | (923,672 | ) |  | (36,346 | ) |  | 174,597 |  |  | (248,060 | ) |  | (5,831,602 | )
Credited / (charged) to the profit for the year | — |  |  | 59,517 |  |  | (1,282,808 | ) |  | 10,667 |  |  | 351,405 |  |  | (311,745 | ) |  | (1,172,964 | )
Other comprehensive income (loss) | — |  |  | — |  |  | 264 |  |  | 220 |  |  | — |  |  | (34 | ) |  | 450 |
Business combination | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (530 | ) |  | (530 | )
As at December 31, 2020 | (1,135,036 | ) |  | (3,603,568 | ) |  | (2,206,216 | ) |  | (25,459 | ) |  | 526,002 |  |  | (560,369 | ) |  | (7,004,646 | )
Credited / (charged) to the profit for the year | 466,528 |  |  | 51,732 |  |  | 1,063,297 |  |  | 456,858 |  |  | (653,320 | ) |  | 126,479 |  |  | 450 |
Other comprehensive income (loss) | — |  |  | — |  |  | 108,546 |  |  | 230 |  |  | — |  |  | (127,076 | ) |  | (18,300 | )
Business combination (Note 9.3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (163,284 | ) |  | (163,284 | )
As at December 31, 2021 | (668,508 | ) |  | (3,551,836 | ) |  | (1,034,373 | ) |  | (431,629 | ) |  | 127,318 |  |  | (724,250 | ) |  | (5,674,656 | )
Total deferred taxes recorded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (766,428 | )
The Company evaluated the period for offsetting its deferred tax assets on tax losses, negative basis of social contribution and temporary differences through the projection of its taxable income. In the year ended December 31, 2021, the Company continued to monitor the observed impacts of the COVID-19 pandemic and evaluated the impacts of the increase in interest rates and judged that the potential effects should not affect the medium and long-term projections to point of harming the realization of balances. The results projected by the Company generate the following expected realization on December 31, 2021:
| December 31, 2021 |
Within 1 year | 266,609 |
From 1 to 2 years | 277,527 |
From 2 to 3 years | 322,779 |
From 3 to 4 years | 329,506 |
From 4 to 5 years | 350,582 |
From 5 to 8 years | 976,496 |
From 8 to 10 years | 528,129 |
| 3,051,628 |

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