The Financial Espresso: B3 & Itau in Carf; Split payment; Brasilprev‘s AuM; Bets & Fintechs; IMF in Argentina

Research evidence excerpt

The Financial Espresso: B3 & Itau in Carf; Split payment; Brasilprev‘s AuM; Bets & Fintechs; IMF in Argentina

Global Research

9 July 2026ab

The Financial Espresso Equities

Latin AmericaB3 & Itau in Carf; Split payment; Brasilprev's

AuM; Bets & Fintechs; IMF in Argentina Financial

Kaio Prato

Analyst

kaio.prato@ubs.com

Carf analyzes B3's billionaire taxation +55-11-3513 6573

According to Valor, B3 took an early lead in the trial before the 1st Panel of the Thiago Batista, CFA

Superior Chamber of the Administrative Council of Tax Appeals (Carf) regarding the Analyst

assessment of Income Tax and CSLL on foreign exchange variation recorded from the thiago.batista@ubs.com

sale of its stake in the Chicago exchange (CME) in 2015 and 2016. According to the +55-11-3513 6518

administrative proceeding, the historical amount of the tax assessment related to Camila Azevedo

2016 is R$1.17 billion. To date, three council members have voted: two in favor of Associate Analyst

dismissing the taxation and one in favor of upholding it. The panel has ten members. camila.azevedo@ubs.com

The trial was suspended after a request for review by council member Mr. Luís +55-11-2767 6881

Henrique Toselli, representing taxpayers, and may resume in August. B3 sold its Bruno Kenji

stake in the Chicago exchange in 2015 (a 20% ownership interest) and the remaining Associate Analyst

portion in 2016. According to B3’s lawyer, Mr. Giancarlo Matarazzo, there is no bruno.kenji@ubs.com

disagreement regarding the need to apply the Equity Method, nor is there any doubt +55-11-2767 6056

that, throughout the investment period, its profits were subject to taxation and the Olavo Arthuzo

FX variation was treated as non-taxable income. Our take: A potentially favorable Analyst

outcome would be positive for B3.