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Brazil's Itau Unibanco to appeal tax charge over merger
February 3, 2014 / 12:16 PM / 4 years ago

Brazil's Itau Unibanco to appeal tax charge over merger

SAO PAULO, Feb 3 (Reuters) - Top Brazilian private-sector bank Itau Unibanco Holding SA said on Monday that it would appeal the Revenue Service’s decision requiring it to pay a multibillion-dollar charge for unpaid taxes for the 2008 merger that gave rise to the company.

In August, the Revenue Service said the company might be liable for an 18.7 billion real ($7.8 billion) charge for the merger of the Itau and Unibanco banks. Itau said on Monday the Revenue Service signaled to it on Jan. 30 that it had decided to stand by its claim.

Itau Unibanco said it would appeal the decision and considered the likelihood of an eventual loss in the tax case as “remote.”

$1=2.40 reais Reporting by Alberto Alerigi Jr; Writing by Reese Ewing; Editing by Lisa Von Ahn

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