Company: SUZ
Filing Date: 2025-09-04
Form Type: 424B2
Source: 0001104659-25-087376
Chunk: 54

Company: Suzano S.A.
Filing Date: 2025-09-04
Form: 424B2
Chunk 54
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 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.

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

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 Normative Ruling No. 1,037
and the above mentioned laws. In any case, if the Brazilian tax authorities determine that payments under the Guarantee by the Guarantor
to Non Resident Holders located in a “Privileged Tax Regime” are subject to the same rules applicable to payments made
to Non-Resident Holders located in a Low or Nil Tax Jurisdiction, the withholding income tax applicable to such payments could be assessed
at a 25% rate.

Other Tax Considerations

In addition to withholding
income tax, Brazilian law imposes a Tax on Foreign Exchange Transactions (Imposto sobre Operações de Crédito, Câmbio e Seguro, ou Relativas