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Brazil tax authority rejects part of Itaú appeal; $1.14B fine to be reduced

Brazil's board of tax appeals, CARF, on Aug. 8 partially rejected an appeal by Itaú Unibanco Holding SA against fines imposed by the federal tax agency in cases related to payment of taxes by companies of the same group, O Estado de S. Paulo reported.

Itaú Unibanco was fined $1.14 billion tied a case involving the usufruct of company shares and also received fines of undisclosed amounts for the distribution of costs between companies within the banking group, according to the publication.

Brazil's tax agency will reportedly recalculate and reduce the final amount of the fine, as CARF upheld some of Itaú Unibanco's arguments about the calculation of fines. However, it rejected a number of the bank's appeals connected to its tax accounting for on some revenues and its distribution of costs among subsidiaries.

Itaú Unibanco reportedly is considering appealing the CARF ruling to the Brazilian court system.