Company: BBD
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001292814-25-001244
Chunk: 23

Company: BANK BRADESCO
Filing Date: 2025-03-31
Form: 20-F
Item: Item 10
Chunk 23
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 132/23, the Executive Branch will present a new text for tax reform, among the proposals we cannot rule
out the possibility of the extinction of JCP. Considering the uncertainties about the approval of the Tax Reform, as well as its final
wording, it is not possible to foresee future tax impacts applicable to the JCP.

10. E.10.04 Tax haven (JTF)

According to Law No. 9,430/96
and subsequent amendments, a tax haven is a country or location that (i) does not tax income; (ii) taxes income at an effective rate lower
than 20.0% or 17.0%; or (iii) imposes restrictions on the disclosure of the corporate structure of legal entities or their ownership.

The Brazilian tax authorities
published NI No. 1,037/10, listing: (i) countries or jurisdictions considered as tax havens or whose internal legislation opposes confidentiality
related to the corporate composition of legal entities or their ownership; and (ii) tax schemes considered privileged, whose definition
is contained in Law No. 11,727/08.

In December 2014, RFB published
Ordinance No. 488/14, reducing the concept of JTF for localities that tax income at a maximum rate of less than 17.0% for countries or
regimes aligned with international standards of fiscal transparency as established by the Brazilian tax authorities. However, Ordinance
No. 488/14 is not applicable to foreign investors, whose investments in Brazil are in accordance with CMN Resolution No. 4,373/14, which
was in effect until December 2024, being replaced by Joint Resolution No. 13/24, effective from January 2025.

Despite our understanding
that a better interpretation of the legislation currently in force leads to the conclusion that the concept of the privileged tax scheme,
mentioned above, would be applicable only for purposes of Brazilian rules of transfer and undercapitalized pricing, we cannot assure that
further legislation, or even interpretations by the tax authorities, will determine the application of the concept of the privileged tax
scheme, established in Law No. 11,727/08 will also apply for non-resident investors in Brazil in the payment of JCP.

  213 – Form 20-F 2024 | Bradesco  

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This way, it is recommended
that private tax advisors are consulted regarding the consequences of the rules laid down in