Company: SUZ
Filing Date: 2025-09-02
Form Type: 424B2
Source: 0001104659-25-086037
Chunk: 56

Company: Suzano S.A.
Filing Date: 2025-09-02
Form: 424B2
Chunk 56
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, on June 23,
2008, Law No. 11,727 introduced the concept of “Privileged Tax Regime,” which was amended by Law 14,596/23.According
to the law in force, a Privileged Tax Regime is considered to be a regime that: (i) does not tax income or taxes income at a maximum
rate lower than 17%; (ii) grants tax advantages to a non-resident entity or individual (a) without the need to carry out a substantial
economic activity in the country or territory, or (b) conditioned to the non-exercise of a substantial economic activity in the country
or dependency; (iii) does not tax income generated outside the jurisdiction, or that taxes such income at a maximum rate lower than
17%; or (iv) restricts the ownership disclosure of assets and ownership rights or restricts disclosure about economic transactions
carried out.

In addition, on June 4,
2010, the Brazilian tax authorities enacted Normative Instruction No. 1,037 listing (1) the countries and jurisdictions considered
as Low or Nil Taxation Jurisdiction or where the local legislation does not allow access to information related to the shareholding composition
of legal entities, to their ownership or to the identity of the effective beneficiary of the income attributed to non-residents and (2) the
Privileged Tax Regimes.

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Although we believe that
the best interpretation of the current tax legislation could lead to the conclusion that the above-mentioned Privileged Tax Regime concept
should apply solely for purposes of Brazilian transfer pricing and thin capitalization rules, or other cases specifically provided by
Brazilian law, it is not possible to assure whether subsequent legislation or interpretations by the Brazilian tax authorities regarding
the definition of a Privileged Tax Regime provided by Law No. 11,727 will also apply for purposes of the imposition of Brazilian
withholding income tax payments under the Guarantee by the Guarantor to Non Resident Holders. However, the current understanding of the
Brazilian tax authorities is in the sense that the 25% rate of withholding income tax is not applicable if the Non-Resident Holder is
in a “Privileged Tax Regime” (Answer to Advance Tax Ruling Request COSIT No. 575, of December 20, 2017).

We recommend that prospective
investors consult their own tax advisers from time to time to verify any possible tax consequences arising under