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B3 gets favorable ruling in 3.3B reais tax dispute

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B3 gets favorable ruling in 3.3B reais tax dispute

Brazilian tax appeals board CARF's lower chamber has issued a judgment favorable to B3 SA - Brasil Bolsa Balcão in a 3.3 billion reais tax dispute between the company and local authorities, the stock exchange operator said in a statement.

The ongoing case is related to the amortization of goodwill resulting from the company's 2008 acquisition of Bovespa Holding SA. CARF's upper chamber earlier this year accepted an appeal by Brazil's national treasury, which meant that the tax assessment applicable to fiscal years 2010 and 2011 would remain in place.

B3 said the treasury's attorney general could appeal the latest CARF ruling, which relates to the incorporation of Bovespa Holding in 2012 and 2013.

The company previously said it will challenge the upper chamber's verdict in a Brazilian court after exhausting all CARF procedures.

As of Oct. 16, US$1 was equivalent to 4.16 Brazilian reais.