Resolution BCB No. 15 — Consolidates general criteria for measurement and recognition of current and deferred tax assets and liabilities

RESOLUTION
BCB NO. 15, OF SEPTEMBER 17, 2020

Consolidates the general criteria for measurement and recognition of current and deferred tax assets and liabilities, applicable to institutions required to use the Accounting Standard of Institutions Regulated by the Central Bank of Brazil – Cosif by virtue of Resolution BCB No. 92, of May 6, 2021, and the procedures to be observed by institutions authorized to operate by the Central Bank of Brazil in submitting requests for exemption from criteria for the establishment of deferred tax assets or for their write-off and in the disclosure of information in explanatory notes. (Amended by Resolution BCB No. 553, of March 3, 2026.)

The Collegiate Board of the Central Bank of Brazil, in a session held on September 17, 2020, based on arts. 9 of Law No. 4.595, of December 31, 1964, 6 and 7, item III, of Law No. 11.795, of October 8, 2008, 9, item II, and 15 of Law No. 12.865, of October 9, 2013, and having in view the provisions of art. 13 of Resolution CMN No. 4.842, of July 30, 2020,

RESOLVES:

CHAPTER I
OF THE OBJECT AND SCOPE OF APPLICATION

Art. 1. This Resolution consolidates:

I - the general criteria for measurement and recognition of current and deferred tax assets and liabilities, applicable to institutions required to use the Accounting Standard of Institutions Regulated by the Central Bank of Brazil – Cosif pursuant to art. 1, caput, item I, of Resolution BCB No. 92, of May 6, 2021; and (Amended by Resolution BCB No. 553, of March 3, 2026.)

a) (Revoked by Resolution BCB No. 553, of March 3, 2026.)

b) (Revoked by Resolution BCB No. 553, of March 3, 2026.)

c) (Revoked by Resolution BCB No. 553, of March 3, 2026.)

d) (Revoked by Resolution BCB No. 553, of March 3, 2026.)

e) (Revoked by Resolution BCB No. 553, of March 3, 2026.)

II - the procedures to be observed by institutions authorized to operate by the Central Bank of Brazil in:

a) submitting a request to the Central Bank of Brazil for exemption from criteria for the establishment of deferred tax assets or for their write-off, as provided in the regulation; and

b) disclosure of information in explanatory notes.

CHAPTER II
OF THE GENERAL CRITERIA APPLICABLE TO INSTITUTIONS REQUIRED TO USE COSIF BY VIRTUE OF RESOLUTION BCB NO. 92, OF MAY 6, 2021

(Amended by Resolution BCB No. 553, of March 3, 2026.)

Section I
Definitions

Art. 2. For the purposes of this Resolution, the following are considered:

I - deferred tax asset: the value of the tax on profit recoverable in future periods related to:

a) deductible temporary differences;

b) future compensation of unused tax losses; and

c) future compensation of unused tax credits;

II - temporary difference: expenses or revenues recognized in the fiscal year and equity variations recognized directly in equity that are not yet deductible or taxable for purposes of Corporate Income Tax and Social Contribution on Net Profit, whose future exclusions, additions, or compensations are expressly established or authorized by tax legislation for purposes of calculating taxable profit or tax loss;

III - deductible temporary difference: a temporary difference that results in deductible amounts in determining the taxable profit or tax loss of future periods;

IV - taxable temporary difference: a temporary difference that results in taxable amounts in future periods;

V - taxable profit: profit calculated for a period, in accordance with the rules established by tax legislation, on which taxes are levied;

VI - deferred tax liability: the value of the tax on profit due in future periods relating to taxable temporary differences;

VII - tax loss: loss calculated for a period, in accordance with the rules established by tax legislation, from which taxes recoverable are defined;

VIII - accounting result: profit or loss calculated for a period, before the computation of the effects of taxes on profit; and

IX - current tax: the value of the tax due or recoverable in the reference period.

Section II
Current Tax Assets and Liabilities

Art. 3. The institutions mentioned in item I of the caput of art. 1 must recognize as: (Amended, effective March 1, 2024, by Resolution BCB No. 367, of January 25, 2024.)

I - an asset the values relating to current taxes recoverable in future periods and to any taxes paid that exceed the amount due in the period, of which they have the legal right to future compensation or refund; and

II - a liability the values of taxes due relating to the current period and to previous periods.

Sole paragraph. The provisions of the caput apply, inclusive, to presumed credits calculated by the institutions mentioned in art. 1, caput, item I, based on credits arising from temporary differences, in accordance with current legislation. (Amended by Resolution BCB No. 553, of March 3, 2026.)

Section III
Deferred Tax Assets and Liabilities

Subsection I
Deferred Tax Assets

Art. 4. The institutions mentioned in item I of the caput of art. 1 must record deferred tax assets arising from temporary differences, Corporate Income Tax tax losses, and negative bases for Social Contribution on Net Profit only when the following conditions are cumulatively met: (Amended, effective March 1, 2024, by Resolution BCB No. 367, of January 25, 2024.)

I - there is an expectation of generating future taxable profits or taxable revenues for purposes of Corporate Income Tax and Social Contribution on Net Profit, as applicable, based on a technical study that demonstrates the probability of occurrence of future tax and contribution obligations that allow the realization of the deferred tax asset within a maximum period of ten years; and

II - they present a history of profits or taxable revenues for purposes of Corporate Income Tax and Social Contribution on Net Profit, as applicable, proven by the occurrence of these situations in at least three of the last five fiscal years, including the reference fiscal year.

§ 1. The provisions of this article must be observed individually by the institutions mentioned in item I of the caput of art. 1. (Amended, effective March 1, 2024, by Resolution BCB No. 367, of January 25, 2024.)

§ 2. The provisions of item II of the caput do not apply to the institutions mentioned in item I of the caput of art. 1 that: (Amended, effective March 1, 2024, by Resolution BCB No. 367, of January 25, 2024.)

I - were established less than five years ago; or

II - have a history of losses verified in the phase prior to the change in shareholding control.

§ 3. The condition established in item II of the caput may be waived, at the discretion of the Central Bank of Brazil, based on a request that presents justification grounded in a technical study of expectation of generating future taxable profits, as provided in item I of the caput.

§ 4. The technical study referred to in item I of the caput must:

I - be prepared by each institution;

II - result from technical projections made based on consistent and verifiable criteria, supported by internal and external information, considering at least the behavior of the main economic and financial conditioning factors and indicators;

III - be based on feasible premises and be coherent with other accounting, financial, managerial, and budgetary information;

IV - contain a comparative table between the values expected for realization and those actually realized for each fiscal year, as well as the present value of the credits, calculated based on average borrowing rates or, if none exist, the average cost of capital; and

V - be examined by the supervisory board, if one exists, approved by the management bodies, and revised during semi-annual and annual balance sheets.

Art. 5. The probability of realization of deferred tax assets must be carefully evaluated, at minimum, upon the preparation of semi-annual and annual balance sheets, and the corresponding portion of the asset must be written off obligatorily in the event of at least one of the following situations:

I - the conditions established in art. 4 are not met;

II - the values actually realized in two consecutive periods are less than 50% (fifty percent) of the values expected for the same period in the technical study mentioned in art. 4, item I; or

III - doubts exist regarding the operational continuity of the institution. (Amended, effective March 1, 2024, by Resolution BCB No. 367, of January 25, 2024.)

Sole paragraph. The write-off of the asset portion mentioned in the caput, resulting from non-compliance with the condition established in art. 4, item II, may be waived, at the discretion of the Central Bank of Brazil, based on a request that presents justification grounded in a technical study of expectation of generating future profits or taxable revenues, as provided in art. 4, item I.

Art. 6. The recognition of a new deferred tax asset is prohibited while there is no decision by the Central Bank of Brazil regarding the requests provided for in arts. 4, § 3, and 5, sole paragraph.

Sole paragraph. The institutions mentioned in item I of the caput of art. 1 are authorized to maintain the tax credits linked to the requests provided for in the caput while there is no manifestation by the Central Bank of Brazil. (Amended, effective March 1, 2024, by Resolution BCB No. 367, of January 25, 2024.)

Subsection II
Deferred Tax Liabilities

Art. 7. The institutions mentioned in item I of the caput of art. 1 must recognize deferred tax obligations arising from temporary differences in the period in which the corresponding revenues or equity variations are recognized. (Amended, effective March 1, 2024, by Resolution BCB No. 367, of January 25, 2024.)

Subsection III
General Criteria

Art. 8. Deferred tax assets and deferred tax liabilities must be recognized in offset to the result of the period.

Sole paragraph. The deferred tax asset and the deferred tax liability arising from gains or losses recorded directly in equity must be recognized in equity.

Art. 9. The values of deferred tax assets and deferred tax liabilities must be offset only in cases where the institution mentioned in item I of the caput of art. 1 has the legal right of offset at the time of settlement of the tax obligation, provided there is compatibility of timeframes in the forecast of realization and exigibility. (Amended, effective March 1, 2024, by Resolution BCB No. 367, of January 25, 2024.)

Section IV
General Provisions

Art. 10. For purposes of measurement and recognition of current and deferred tax assets and liabilities, the criteria and rates in effect on the reference date of the financial statements must be adopted.

Sole paragraph. In the event of a change in tax legislation that modifies criteria and rates to be adopted in future periods, the effects on the deferred tax asset and deferred tax liability must be recognized immediately based on the criteria and rates applicable to the period in which each portion of the asset will be realized or the liability will be settled.

Art. 11. If impropriety or inconsistency is found in the procedures for recognition and measurement of deferred tax assets, especially regarding the premises for their realization, the Central Bank of Brazil may determine their write-off, with the consequent recognition of the effects in the financial statements.

CHAPTER III
OF THE PROCEDURES APPLICABLE TO INSTITUTIONS AUTHORIZED TO OPERATE BY THE CENTRAL BANK OF BRAZIL

Art. 12. Requests made to the Central Bank by institutions authorized to operate by the Central Bank of Brazil for exemption from criteria for the establishment of deferred tax assets or for their write-off, in accordance with current regulation, must be grounded in a technical study of expectation of generating future taxable profits, which must contain, at minimum, the following information:

I - detailed exposition of relevant facts that prove the expectation of generating future profits or taxable revenues;

II - description of the reasons that led to the non-occurrence of a history of profits or taxable revenues for purposes of Corporate Income Tax and Social Contribution on Net Profit, as applicable, in at least three of the last five fiscal years, including the reference fiscal year.

§ 1. The technical study mentioned in the caput must observe the conditions provided in art. 4, § 4, of this Resolution.

§ 2. The request mentioned in the caput must be signed by the Chief Executive Officer, or by a holder of an equivalent position, and by the Director designated to answer to the Central Bank of Brazil for the monitoring, supervision, and compliance with the accounting norms and procedures provided for in the current regulation.

§ 3. In the event of denial of the request, the institutions mentioned in the caput must make the necessary accounting adjustments by the end of the month following the communication of the result of the request analysis.

Art. 13. The institutions mentioned in art. 12 must disclose, in explanatory notes to the financial statements, qualitative and quantitative information about deferred tax assets and liabilities, highlighting, at minimum, the following elements:

I - criteria for establishment, valuation, use, and write-off;

II - nature and origin of deferred tax assets;

III - expectation of realization, broken down by year for the first five years and, from then on, grouped in five-year periods;

IV - values established and written off in the period;

V - present value of the deferred tax asset;

VI - unactivated tax credits;

VII - values under judicial decision;

VIII - effects on assets, liabilities, results, and equity resulting from adjustments due to rate changes or changes in the expectation of realization;

IX - reconciliation between the amount debited or credited to the result of Corporate Income Tax and Social Contribution on Net Profit and the product of the accounting result before income tax multiplied by the applicable rates, also disclosing such rates and their calculation bases; and

X - existence of the request referred to in art. 12.

Sole paragraph. The provisions of the caput apply, inclusive, to presumed credits calculated, in accordance with current legislation.

CHAPTER IV
FINAL PROVISIONS

Art. 14. Institutions authorized to operate by the Central Bank of Brazil must keep available to the Central Bank of Brazil:

I - the technical studies mentioned in arts. 4, item I, and 12 of this Resolution, for the period of realization of the respective deferred tax assets, counted from the reference date; and

II - reports that clearly and objectively demonstrate compliance with the criteria defined in this Resolution, for a minimum period of five years.

Art. 15. The following are revoked:

I - Circular No. 3,174, of January 15, 2003; and

II - Circular No. 3,776, of December 30, 2015.

Art. 16. This Resolution enters into force on January 1, 2021.

Otávio Ribeiro Damaso
Director of Regulation