Company: BBD
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001292814-25-001244
Chunk: 19

Company: BANK BRADESCO
Filing Date: 2025-03-31
Form: 20-F
Item: Item 10
Chunk 19
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, the National Congress promulgated PEC No. 45/19 - Constitutional Amendment No. 132 - responsible for the Tax Reform
in Brazil, specifically in relation to taxation on consumption. However, a period of 90 days after the promulgation of the Amendment was
stipulated for the Executive Branch to forward to the National Congress a bill that reinforces the taxation on income, accompanied by
the corresponding estimates and studies of budgetary and financial impacts. Although the bill has not yet been sent by the Government,
it is expected to be presented soon.

It should also be noted
that the Congress is currently discussing, among other matters, the taxation of the distribution of dividends and the removal of interest
on equity.

10. E.10.02 Taxation of gains

In accordance with Law No.
10,833/03, the gains earned as a result of the divestiture of assets located in Brazil by an investor non-resident in Brazil are subject
to Brazilian taxation, regardless of the fact that the divestiture is performed to another non-resident or to a resident in Brazil.

In this sense, in the case
of divestiture of our shares, which are regarded as Brazilian assets, the investor non-resident in Brazil shall be subject to income tax
on the capital gain ascertained in accordance with the rules described in the following paragraphs, regardless of the operation being,
or not, carried out in Brazil or abroad, or with a resident or non-resident in Brazil.

In relation to the ADRs,
despite the subject not being ruled upon in Brazil, it is possible to argue that gains recorded by an investor non-resident in Brazil
in the divestiture of these assets to another non-resident, should not be subject to taxation in Brazil. Such arguments would be based
on the understanding that the ADRs do not represent Brazilian assets for purposes of the application of Law No. 10,833/03, because they
represent securities issued and traded on stock exchanges abroad.

It is important to emphasize
that, for purposes of the Brazilian legislation, the rules applicable to gains earned as a result of the divestiture of shares or ADRs
may vary according to the domicile of the investor non-resident in Brazil, in accordance with the form through which he has recorded his
investment before the Central Bank of Brazil and/or in accordance with the way that the divestiture is structured and performed.

The deposit of our shares
in exchange for A