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Banks’ disputes with tax authorities amount to R$95bn

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Vincent

Five of Brazil’s largest private-sector banks have at least R$95 billion in disputes with the Secretariat of Federal Revenue in discussion in the Administrative Council of Tax Appeals (CARF), according to an analysis by Valor based on the companies’ reference forms.Itaú Unibanco accounts for most of this amount, R$65.2 billion, driven by what is known as the agency’s highest value case, a deficiency notice of R$29.6 billion that the bank won in the first trial at CARF and is now awaiting analysis by the Superior Chamber, which still has no date.Many of the tax discussions are linked to privatizations or acquisitions of other banks and goodwill amortization. The motivation of the Secretariat of Federal Revenue to collect taxes, mainly income tax (IR) and the Social Contribution Over Net Profit (CSLL), is that the operations had no business purpose or used intermediaries just to pay fewer taxes.Bradesco has six cases amounting to R$10.5 billion, while Santander has eight cases totaling R$9.5 billion. BTG has six cases amounting to R$8.2 billion. Itaú has 10 cases before CARF, while Banco do Brasil has one case of R$2.2 billion. The figures were obtained in the last available reference form of each bank and are in CARF’s case base — other disputes may not have been reported.CARF has 168 litigations worth billions of reais. They total R$463.8 billion — almost half of the R$1 trillion in cases awaiting trial. Changing the rules of the agency is one of Finance Minister Fernando Haddad main bets to reduce the public deficit by increasing tax collection.The main case involving Itaú Unibanco and CARF concerns the merger of Itaú and Unibanco. The deal took the form of an exchange of shares, with no cash disbursement, forming, and creating one of the 20 largest banks in the world at the time. The bank won in the first instance of CARF, and the Treasury’s appeal has been judicialized, and may still return to the agency. In this deficiency notice, the audit states that Unibanco’s shareholders sold their shares to the Itaú holding company for about R$12 billion. The...

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