Company: BBD
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001292814-25-001244
Chunk: 203

Company: BANK BRADESCO
Filing Date: 2025-03-31
Form: 20-F
Item: Item 4
Chunk 203
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 deduct from their calculation basis credits originating from certain transactions. In order to offset these credits, the rates of both PIS and Cofins were substantially increased. Subsequent to the changes made to PIS and Cofins, as of May 2004, both taxes are applicable on imports of goods and services when the taxpayer is the importing company domiciled in Brazil.
 Since August 2004, the PIS and Cofins rates due on financial revenues had been 0.0%, including revenues arising from operations carried out for the purposes of hedging, earned by legal entities subject to the system of non-accrual of these contributions. However, Decree No. 8,426/15 established that from July 2015, the rates shall be increased to 0.65% in relation to PIS and 4.0% in relation to Cofins. On December 30, 2022, Decree No. 11,322/22 had been published reducing the related rates to 0.33% and 2.0%, respectively. However, this decree was revoked on January 1, 2023 by Decree No. 11,374/23, reestablishing the original wording provided for in Decree No. 8,426/15.
  
122 – Form 20-F 2024 | Bradesco
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In turn, according to the changes enacted by Decree No. 8,451/15 in Decree No. 8,426/15, contributions to PIS and Cofins are levied at a rate of 0%, specifically in relation to financial revenues arising from: (i) monetary variation, depending on the foreign exchange rate, of export operations of goods and services, as well as obligations incurred by the legal entity, including loans and financing; and (ii) hedge operations carried out on the stock exchange, of commodities and of futures, or in the organized OTC market. Certain economic activities are expressly excluded from the procedures of the non-accrual collection of the PIS and Cofins. This is the case of financial institutions, which shall remain subject to PIS and Cofins by the “accrued” procedures, which does not permit the discount of any credits, as provided for by Article 10, paragraph I, of Law No. 10,833/03. Despite this impossibility of accrual of credits, the legislation in force enables the exclusion of certain expenditure in