09/29/2024 – 21:29
The Federal Revenue determined the listing of Assaí assets worth R$ 1.265 billion, the company reported this Sunday, 29th. The measure is the result of tax contingencies related to Grupo Pão de Açúcar (GPA).
The listing does not prevent the sale of assets, but has the objective of ensuring that there is sufficient value to pay off the tax credits under discussion.
In the relevant fact, Assaí highlights that, as a result of a spin-off that occurred on December 31, 2020, it became an independent entity.
According to the agreements signed, there is no solidarity in relation to liabilities prior to the spin-off. However, tax legislation allows tax authorities to demand joint and several liability in cases of tax debts.
GPA, according to Assaí, must account for R$11.654 billion of a total of R$12.913 billion in contingencies, reaffirming its commitment to compensate Assaí for any losses.
The company is already taking legal measures to contest the term and protect itself from tax liabilities, highlighting that its operations are distinct from those of GPA. The challenge to the registration of their properties with the Federal Revenue Service is based on two arguments, according to sources heard by the Broadcast (Grupo Estado’s real-time news system): firstly, for the listing to be carried out, there had to be a percentage of 30% of debts in relation to the company’s assets, which was not achieved.
Secondly, joint liability between companies could only be triggered when there is a common interest in the triggering event, explains one source.
Given Assaí’s statement via a relevant fact, GPA is also expected to make an official statement. “The company has been monitoring this issue closely with GPA, which reaffirmed its responsibility towards Assaí for the debts and contingencies generated up to the date of the split”, stated Assaí in the relevant fact.
Furthermore, Assaí’s management committed to keeping shareholders and the market informed about developments in the situation. The company must even prepare an explanatory booklet aimed at external investors, in order to clarify the listing carried out by the Brazilian Federal Revenue Service.
In a relevant factor, GPA stated that, under the terms of the contract, it is responsible for losses arising from tax liabilities whose triggering event is prior to December 31, 2020. “We inform you that we will continue to fulfill our obligations and cooperate with Sendas to fully comply with demands presented by the Federal Revenue Secretariat.”
The company reiterates that GPA’s tax contingencies, including those that gave rise to the termination of Sendas’ assets, are already adequately reflected in our financial statements, in accordance with applicable accounting standards.
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