BCB Resolution No. 82 — Procedures for Calculating the Value of Tax Credits from Fiscal Losses Not Subject to Deduction in Reference Equity for Foreign Currency Short Positions Used as Hedging

Resolution No. 82

BCB RESOLUTION
NO. 82, OF MARCH 31, 2021

Regulates the procedures for calculating the value not subject to deduction in the calculation of Reference Equity relative to tax credits for fiscal losses derived from a short position in foreign currency carried out with the objective of providing a hedge for investment abroad, in accordance with Resolution No. 4,192, of March 1, 2013.

The Collegiate Board of the Central Bank of Brazil, in a session held on March 31, 2021, based on the provisions of Arts. 9, 10, item IX, and 11, item VII, of Law No. 4,595, of December 31, 1964, and Art. 31, item IV, of Resolution No. 4,192, of March 1, 2013,

R E S O L V E S:

Art.
1st For the purposes of Resolution No. 4,192, of March 1, 2013, the value of tax credits for fiscal losses and negative base of Social Contribution on Net Income (CSLL) resulting from a short position in foreign currency carried out with the objective of providing a hedge for the exchange rate variation of investments in controlled companies, affiliated companies, branches, subsidiaries or agencies domiciled abroad must correspond to the sum of the values calculated individually by the entities comprising the prudential conglomerate, as defined in specific regulation.

Sole Paragraph. In the calculation referred to in the main text, only the entities comprising the prudential conglomerate that present:

I - accumulated result of the short position, referred to in the main text, negative in the period between January 1, 2018 and December 31, 2020, observing § 3 of Art. 2nd; or

II - positive value in the calculation referred to in the main text of Art. 3rd.

Art.
2nd The individual value mentioned in Art. 1st is calculated by the entities comprising the prudential conglomerate and must correspond, in the calculation periods comprised between May 1, 2021 and December 31, 2022, to the lower of:

I - the value recorded in the balance sheet relative to tax credits for fiscal losses and of negative CSLL base accumulated between January 1, 2018 and December 31, 2020 and not utilized; and

II - the value of accumulated losses between January 1, 2018 and December 31, 2020 caused by the short position, referred to in Art. 1st, multiplied by the sum of the current rates of the Corporate Income Tax (IRPJ) and CSLL.

§ 1st The tax credits, referred to in item I of the main text, do not include those constituted in periods prior to January 1, 2018.

§ 2nd For the purposes of item II of the main text, the short position may consider the value necessary to provide effective protection for the aforementioned investment abroad, including computing the fiscal effects.

§ 3rd In the event of a gain provided by the short position referred to in Art. 1st in the year 2018, the value referred to in item II of the main text may be calculated considering only the period comprised between January 1, 2019 and December 31, 2020.

Art.
3rd In the event of a gain provided by the short position referred to in Art. 1st in the year 2019 or in the year 2020, the value referred to in item II of the main text of Art. 2nd may be calculated by the sum of the three parts relative to the years 2018, 2019 and 2020.

§ 1st The
part relative to the year 2018 must be:

I - the loss calculated by the short position in the year 2018 multiplied by the sum of the current rates of IRPJ and CSLL, if there was a loss in 2018; and

II - zero, otherwise.

§ 2nd In the event of a gain provided by the short position referred to in Art. 1st in the year 2019, the part relative to the year 2019 must be calculated as the negative value corresponding to the lower of the absolute values of:

I - 30%
(thirty percent) of the gain calculated by the short position in the year 2019 multiplied by the sum of the current rates of IRPJ and CSLL; and

II - the value of the part relative to the year 2018 defined in § 1st.

§ 3rd In the event of a loss caused by the short position referred to in Art. 1st in the year 2019, the part relative to the year 2019 must be calculated as the value of the loss calculated by the short position in the year 2019 multiplied by the sum of the current rates of IRPJ and CSLL.

§ 4th In the event of a gain provided by the short position referred to in Art. 1st in the year 2020, the part relative to the year 2020 must be calculated as the negative value corresponding to the lower of the modules of:

I - 30%
(thirty percent) of the gain calculated by the short position in the year 2020 multiplied by the sum of the current rates of IRPJ and CSLL; and

II - the sum of the values of the parts relative to the year 2018, defined in § 1st, and to the year 2019, defined in §§ 2nd and 3rd.

§ 5th In the event of a loss caused by the short position referred to in Art. 1st in the year 2020, the part relative to the year 2020 must be calculated as the value of the loss calculated by the short position in the year 2020 multiplied by the sum of the current rates of IRPJ and CSLL.

Art. 4th
This Resolution does not replace the regulation referred to in Art. 2nd, § 6th, of Law No. 14,031, of July 28, 2020.

Art.
5th This Resolution enters into force on May 3, 2021.

Otávio Ribeiro Damaso
Director of Regulation