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Financial News: ITAU UNIBANCO: Tax Council Denies Appeal In R$

ITAU UNIBANCO: Tax Council Denies Appeal In R$ 2.694 Billion Lawsuit

06/06/2018 - 15:51:00 (RTTNews)

(RTTNews) - Brazil's Administrative Council of Tax Appeals (Carf) has denied an appeal filed by Itau Unibanco in a 2013 lawsuit amounting to R$ 2.694 billion (US$ 713.6 million).

The lawsuit is related to a Federal Revenue Service complaint against the institution to charge income tax and Social Contribution on Net Income (CSLL) derived from the merger between Itau and Unibanco.

In an annual report, Itau Unibanco assessed that the risk of being defeated in the lawsuit was "remote." The financial institution is still able to appeal.

The tax offense is related to the capital gain recorded by E. Johnston Holdings, the holding company of the Moreira Salles family, which would not have been accounted for during the merger.

According to the filing, this would have occurred "due to the practice of a sequence of corporate acts, all carried out without any business purpose, which faced accounting principles, corporate law, including the merger of shares and tax legislation."

Itau Unibanco was defeated by a majority of votes.

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