Reconciliation of income taxes expense |
Reconciliation of income taxes expense | | | | | | | | | | | | | | | | | | | 2023 | | 2022 | | 2021 | | | | | | | Profit (loss) before income taxes | (390,937) | | 140,424 | | 46,207 | Statutory rate (i) | 34% | | 34% | | 34% | | | | | | | Income taxes at statutory rate | 132,919 | | (47,744) | | (15,710) | | | | | | | Unrecognized deferred tax asset (ii) | (193,898) | | (7,055) | | (11,755) | Difference from income taxes calculation based on taxable profit computed as a percentage of gross revenue | 10,822 | | 7,080 | | 5,375 | Deferred income taxes over goodwill tax recoverable | (3,897) | | - | | | - | | Tax benefit (iii) | 244,718 | | 15,066 | | - | Other | (18,407) | | (9) | | (2,586) | | | | | | | Income tax expense | 172,256 | | (32,662) | | (24,676) | Income tax and social contribution effective rate | (44%) | | 23% | | 52% | | | | | | | Current income taxes | 37,499 | | (111,409) | | (61,676) | Deferred income taxes | 134,757 | | 78,747 | | 37,000 |
(i)The effective tax rate reconciliation considers the statutory income taxes rates in Brazil, due to the significance of the Brazilian operation when compared to Colombia. The difference to reconcile the effective rate to the Colombian statutory rate (32%) is included in others. (ii)The Group did not recognize deferred tax assets on accumulated tax losses from certain subsidiaries in a total amount of unrecognized credits on tax losses of R$187,310 (R$7,055 for June 30, 2022 and R$11,755 for June 30, 2021). The Group assessed that is unlikely that these subsidiaries will generate future taxable income in the foreseeable future. (iii)This amount reflects the tax benefit from the deduction of the ICMS tax benefits in the calculation of the income tax (see note 10).
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Deferred income taxes balances |
Deferred income taxes balances | | | | | | | | | | | | | 2023 | | 2022 | | | | | Deferred assets and liabilities: | | | | Amortization of fair value adjustment | 66,065 | | 32,787 | Tax losses | 123,072 | | 49,332 | Allowance for expected credit losses | 49,026 | | 51,379 | Adjustment to present value | 14,222 | | 40,639 | Provision for management bonuses | 22,182 | | 26,738 | Allowance for inventory losses | 3,841 | | 3,463 | Financial effect on derivatives | (1,468) | | 2,001 | Fair value of commodity forward contracts | 31,343 | | (1,959) | Unrealized exchange gains or losses | (7,618) | | (1,803) | Unrealized profit in Inventories | (11,121) | | — | Gain on bargain purchase | — | | (6,221) | Amortized right-of-use assets | 6,273 | | 2,617 | Deferred tax on goodwill | (2,067) | | - | Other provisions | 22,981 | | (5,478) | | | | | Deferred income tax assets, net | 329,082 | | 200,986 | Deferred income tax liabilities, net | (12,351) | | (7,491) | | | | | Deferred income tax assets, net | 316,731 | | 193,495 |
| | | | | | | Deferred income tax and social contribution | | | At June 30, 2021 | 114,748 | | | Recognized in the statement of profit or loss | 78,747 | | | At June 30, 2022 | 193,495 | | | Recognized in the statement of profit or loss | 128,362 | Deferred tax from acquired companies | (5,126) | | | At June 30, 2023 | 316,731 |
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