Company: BBD
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001292814-25-001244
Chunk: 29

Company: BANK BRADESCO
Filing Date: 2025-03-31
Form: 20-F
Item: Item 10
Chunk 29
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 on the application
of complex U. S. federal income tax rules. A non-U. S. corporation is classified as a PFIC in any year in which it meets either the income
or asset test discussed above, which depends on the actual financial income for each year in question. Accordingly, it is possible that
we may become a PFIC in the current or any future taxable year due to changes in our asset or income composition.

Distributions out of earnings
and profits with respect to the shares and ADSs generally will be treated as dividend income from sources outside of the United States
and generally will be treated separately from other items of “passive” (or, in the case of certain U. S. holders, “financial
services”) income for the purposes of determining the credit for foreign income taxes allowed under the Code. Subject to certain
limitations, Brazilian income tax withheld in connection with any distribution with respect to the shares or ADSs may be claimed as a
credit against the U. S. federal income tax liability of a U. S. holder if such holder elects for that year to credit all foreign income
taxes. The rules governing the foreign tax credit are complex, and recent changes to the foreign tax credit rules, introduced additional
requirements and limitations that may impact the creditability of such non-U. S. taxes. Recent U. S. Internal Revenue Service guidance
provides temporary relief from some of these additional requirements and limitations, subject to certain requirements being met, until
further notice is provided by the U. S. Internal Revenue Service. If Brazilian withholding tax is not creditable or a U. S. holder elects
not to take a foreign tax credit for any taxes in a given tax year, it is possible that such Brazilian withholding tax may be taken as
a deduction against taxable income. Foreign tax credits will not be allowed for withholding taxes imposed in respect of certain short-term
or hedged positions in securities and may not be allowed in respect of arrangements in which a U. S. holder’s expected economic
profit is not substantial. U. S. holders should consult their own tax advisors concerning the implications of these rules in light of
their particular circumstances, including whether they can take a deduction in lieu of claiming a foreign tax credit.

  216 – Form 20-F 2024 | Bradesco  

  Table of Contents  

Distributions of additional
shares to holders with respect to their shares or ADSs that are made as part of a pro-r