Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 319

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 319
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 (“ PIS”), and Social Security Financing Contribution (“ COFINS”), allegedly due on exported financial advice and consultancy services to Patria Finance Limited in 2015 and 2016. An aggravated penalty of 150% was applied in connection with supposed fraud and sham allegation and certain executive directors were also deemed jointly liable in connection with such allegations. The administrative court has not yet issued a final decision regarding this administrative proceeding. As of December 31, 2024, the estimated value involved in this proceeding was US$ 5.5 34.1

  Patria Investments Limited      F-47  

  Table of Contents  

  Notes to the consolidated financial statements                                             
  As of December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023 and 2022  
  (Amounts in thousands of United States dollars - US$, except where otherwise stated)       
 ─────────────────────────────────────────────────────────────────────────────────────────────

(b) On December 16, 2019, the Brazilian Federal Revenue Service issued a tax claim against one of the Group’s subsidiaries (Patria Investimentos Ltda.), to demand the collection of social security contributions on profit sharing program payments and signing bonuses in 2015 and 2016. The Group filed a defense and a decision by the administrative court is currently pending. As of December 31, 2024, the estimated amount involved in this proceeding was US$ 2.1 13

(c) In 2017, 2018 and 2022, the Municipality of São Paulo filed administrative proceedings against one of the Group's subsidiaries (Patria Investimentos Ltda.), questioning the exemption of municipal tax over services (“ ISS”). The Municipality of São Paulo obtained favorable administrative decisions and, considering the outcome of the administrative proceedings, the Group's subsidiaries filed legal proceedings to reverse the administrative decisions. As of December 31, 2023, the Group’s external legal counsel assessed the risk of loss relating to these lawsuits as possible and evaluated the potential loss in an aggregated amount of US$ 10 62 4.2

(d) On April 02, 2025, Platam Investments Brazil Ltda. ("PLATAM") received a Notice of Infraction questioning non-payment of ISS. The aggregated amount involved in this proceeding is approximately US$ 1.0 6.1

Other tax related matters:

In 2024, the Brazilian Federal Revenue Service