Company: DLO
Filing Date: 2025-09-03
Form Type: 424B3
Source: 0000950103-25-011193
Chunk: 58

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: 424B3
Chunk 58
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 obligations of the Company; or |

| 2.2 | by way of the withholding in whole or in part of any relevant payment as defined in the Tax Concessions Act (As Revised). |

These concessions shall be for a period 20 years
from January 2021.

U.S. Federal Income Tax Considerations

<div align='center'>S-37</div>

The following is a description of the material
U.S. federal income tax considerations to U.S. Holders (as defined below) of owning and disposing of our Class A common shares, but it
does not purport to be a comprehensive description of all tax considerations that may be relevant to a particular person’s decision
to acquire our Class A common shares. This discussion applies only to a U.S. Holder that holds our Class A common shares as capital assets
for U.S. federal income tax purposes. This discussion does not address the U.S. federal estate or gift tax or the effects of any state,
local or non-U.S. tax laws. In addition, it does not describe all of the tax considerations that may be relevant in light of a U.S. Holder’s
particular circumstances, including alternative minimum tax considerations, the potential application of the provisions of the Code known
as the Medicare contribution tax and tax considerations applicable to investors subject to special rules, such as:

| · | a bank, insurance company or one of certain other financial institutions; |

| · | a dealer or trader in securities who uses a mark-to-market method of tax accounting; |

| · | a person holding a Class A common share as part of a straddle, wash sale, conversion transaction or integrated transaction or entering 
 into a constructive sale with respect to a Class A common share;                                                                       |

| · | a person whose functional currency for U.S. federal income tax purposes is not the U.S. dollar; |

| · | a person that is subject to the “applicable financial statement” rules under Section 451(b) of the Code; |

| · | an entity or arrangement classified as a partnership for U.S. federal income tax purposes; |

| · | a tax-exempt entity, including an “individual retirement account” or “Roth IRA;” |

| · | a person that owns or is deemed to own ten percent or more of our stock (by vote or value); |

| · | a person who acquired our Class A common shares pursuant to the exercise of an employee stock option or otherwise as compensation; 
 or