Company: BBD
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001292814-25-001244
Chunk: 42

Company: BANK BRADESCO
Filing Date: 2025-03-31
Form: 20-F
Item: Item 3
Chunk 42
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. Accordingly, even though sales taxes have undergone significant changes, which may lead to a possible increase in the tax burden, predicting the impacts on our gross margin is not possible at this time.
 We cannot guarantee that the Brazilian government will implement a further tax reform, change the laws and regulations applicable to other taxes, or maintain or renew any tax incentives in a way that is favorable to us. In the event of such changes, directly or indirectly, increase the tax burden owed by us, our gross margin may decrease, resulting in a negative impact on our business and operating results.
 We note that the taxation of dividend distributions and the termination of deductibility of interest on equity are being discussed and may be part of the income tax reform, which is yet to be presented by the government.
 Changes in tax-related laws and regulations, and interpretations can affect tax burdens by increasing tax rates and fees, creating taxes, limiting tax deductions, and eliminating tax-based incentives and non-taxed income. In addition, tax authorities or courts may interpret tax regulations differently than we do, which could result in tax litigation, associated costs and penalties.
 
3.D.10.01-08 Our financial and operating performance may be adversely affected by epidemics, natural disasters and other catastrophes, such as the COVID-19 pandemic, which had a significant impact on our 2021 and 2020 results.
 The outbreak of communicable diseases, such as the outbreak of the COVID-19 pandemic on a global scale, which began in December 2019 and was declared a pandemic by the World Health Organization on March 11, 2020, may affect investment decisions and may result in sporadic volatility in the international and/or Brazilian markets. Such outbreaks may result in, and, in the case of the COVID-19 pandemic, has resulted in, at different levels, the adoption of governmental and private measures, including restrictions, as a whole or in part, on the circulation and transportation of persons, goods and services and consequently, in the closure of private establishments and public offices, interruptions to the supply chain, reduction of consumption in general by the population and volatility in the price of raw materials and other inputs.
 In addition, governments acted on a global scale with increased intervention in their economies, including through regulations and public spending, in order to mitigate the economic impacts caused by the COVID-19 pandemic.
 The outbreak of epidemics (such as the COVID-19 pandemic), natural disasters and other catastrophes may have a negative and significant effect on the global and Brazilian economy, resulting