Revenue wants to receive fine from BTG for payments to Esteves – 04/28/2023 – Panel SA

The Federal Revenue Service charges BTG Pactual R$ 26.8 million in Income Tax and a fine. The amount refers to supposedly irregular payments made to André Esteves and five other directors.

The case would be judged by CARF (Administrative Council of Tax Appeals) on Thursday (27), but was withdrawn from the agenda for the fourth time.

The process refers to the profit sharing (PLR) received by the executives in February 2007, related to the 2006 fiscal year.

In all, the six directors received R$ 47.5 million (R$ 119.7 million, in values ​​restated by the IPCA). Esteves, alone, got R$ 21.8 million (R$ 54.9 million).

The Revenue maintains that the bank failed to comply with the collective agreement signed with the union of bank workers when paying the funds.

Under the agreement, only employees hired by September of that year would be entitled to receive PLR.

The payments were made in December 2006 and, also according to the Revenue, in the previous months, the executives had been acting as “non-employee directors”.

At that time, the Swiss bank USB had bought Pactual. The merger of the two institutions gave rise to UBS Pactual, which later became BTG Pactual.

The tax authorities claim that BTG illegally deducted from its Income Tax the PLR ​​paid to the six beneficiaries.

The bank appealed to CARF, but was unanimously defeated in the first instance of the council (1st Panel of the 4th Chamber of the 1st Section).

After that, he appealed to the last instance, the Superior Chamber of Tax Appeals. The trial was initially set for May 26, 2022. He was on and off the docket three more times. It would be judged this Thursday (27), but it was postponed “for justifiable reason”.

When contacted, the bank declined to comment.

With Diego Felix

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