MD&A and Financial Statements (PDF) - Banco Itaú
MD&A and Financial Statements (PDF) - Banco Itaú
MD&A and Financial Statements (PDF) - Banco Itaú
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Analysis of the Net Income<br />
Income Tax <strong>and</strong> Social Contribution on Net Income<br />
In the third quarter of 2010, expenses from Income Tax<br />
<strong>and</strong> Social Contribution on Net Income reached R$ 1,253<br />
million, or a 12.0% increase from the previous quarter.<br />
Social Contribution on Net Income expense payable in the<br />
short term continues without the effect of the rate<br />
increase to 15% from 9%, as tax credits recorded are<br />
sufficient to counter this effect, considering that<br />
management believes that the National Federation of the<br />
<strong>Financial</strong> System (CONSIF) will prevail in its direct<br />
unconstitutionality lawsuit in this regard.<br />
As of September 30, 2010, the remaining unrecorded tax<br />
credit balance amounted to R$ 2,023 million.<br />
<strong>Itaú</strong> Unibanco Holding S.A.<br />
Tax Expenses for ISS, PIS, Cofins <strong>and</strong> Others<br />
Tax expenses amounted to R$ 913 million in the third<br />
quarter of 2010, a 5.9% decline compared to the second<br />
quarter of the year.<br />
18<br />
Management Discussion & Analysis 3 rd Quarter, 2010
Change language