Brazil's Itaú has no plans to build provision against tax debt
SAO PAULO Aug 16 (Reuters) - Itaú Unibanco Holding Sa , Brazil's No. 1 bank by market value, has no plans to build a provision to cover liabilities stemming from a potential tax debt, a senior executive told Reuters on Friday.
Itaú was "surprised" by the leakage of information to the press that Brazil's tax authority is demanding the payment of up to 18.7 billion reais ($7.98 billion) in back taxes related to the merger that created the bank five years ago, said Claudia Politanski, Itaú's senior vice president for legal affairs, in a phone interview.
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