Company: DLO
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0000950170-25-058197
Chunk: 157

Company: dLocal Ltd
Filing Date: 2025-04-24
Form: 20-F
Item: Item 16K
Chunk 157
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 December 31, 2024 795 1,063 1,858
At January 1, 2023 946 206 1,152
Credited / (charged) to profit & loss ( 593 265 ( 328
At December 31, 2023 353 471 824
As of December 31, 2024 and 2023, no deferred tax liability has been recognized on investments in the Group subsidiaries. The Group has concluded it has the ability and intention to control the timing of any distribution from its subsidiaries and that it is probable there will be no reversal in the foreseeable future in a way that would result in a charge to taxable profit.
Reconciliation of effective tax rate
The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to the profits of the consolidated entities. The income tax provision is determined based on the income tax rates in effect in each country where the Group operates. The following is a reconciliation of the income tax expense to the profit (loss) for the year, considering the applicable statutory tax rates in the jurisdictions where the Group has taxable operations. These rates range from0% in

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jurisdictions such as the Cayman Islands to35% in Argentina and Colombia. Other key tax rates include5% in Malta,21% in the United States,25% in Ecuador, Panama, the United Kingdom and Uruguay,30% in Kenya, Mexico, and Nigeria. In the remaining countries, tax rates range from10% to35%.
The Group’s effective Income Tax rate in2024 was20.2%(16.5% and9.6% in the years ended December 31, 2023 and 2022, respectively). For 2024 and 2023, the Group applied for fiscal consolidation in Malta resulting in a domestic rate o f5%. The reconciliation between the effective Income Tax rate and the statutory rate in Malta of5% in 2024, 2023 and 2022 was as follows:
─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
Profit before Income Tax 151,019 178,514 120,283
Tax at the domestic rates applicable to profit before income tax in the respective jurisdiction ( 7,551 ( 8,926 ( 6,014
Permanent differences:
Tax effect of non-taxable income 897 822 555