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

Company: BANK BRADESCO
Filing Date: 2025-03-31
Form: 20-F
Item: Item 10
Chunk 20
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DRs may be subject to income tax, in the event of any capital gain ascertained by an investor non-resident in Brazil.
There may be a capital gain if the cost of acquisition of our shares is less than the average price. In this case, the difference between
the average price of our shares and the corresponding acquisition cost can be considered a capital gain. The withdrawal of ADRs in exchange
for shares, should not, in principle, be understood as an operation liable to result in capital gain subject to income tax, provided that
the regulatory rules in relation to the registration of the investment before the Central Bank of Brazil are appropriately observed.

The gains earned in the
divestiture of shares through a trading session on the Brazilian stock exchange are:

  exempt from income tax when earned by an investor non-resident in Brazil that: (i) is an Investor 4,373,  

  211 – Form 20-F 2024 | Bradesco  

  Table of Contents  

  subject to income tax at a rate of 15.0% in the case of the gains earned by a foreign investor that: is  

Investors 4,373, resident
and domiciled in a location considered a tax haven, in the operations of sale of shares made in a trading session of the Brazilian stock
exchange, will also be subject to the incidence of income tax withheld at source at the rate of 0.005%, on the value of the sale. This
income tax withheld at the source of 0.005% may be subsequently compensated, with eventual income tax on net income determined by Investors
4,373, resident and domiciled in a location considered as a tax haven.

Other gains earned on the
divestiture of shares that are not carried out on Brazilian stock exchanges are subject to income tax at progressive rates that vary from
15.0% to 22.5% as detailed below, except for residents in locations considered tax havens, which, in this case, are subject to income
tax at a rate of 25.0%. With regard to gains earned on the disposal of shares by an Investor 4,373 not resident in a place considered
as a tax haven, which are not carried out on the Brazilian stock exchange, there is an understanding that the income tax rate of 15% applies,
and not progressive rates ranging from 15.0% to 22.5% (given different interpretations, possible stock buyers and ADRs should consult