Nubank is ‘largest payer’ of income tax and CSLL, ahead of Itau Bank and other large banks, says Velez

Nubank co-founder and global CEO David Velez posted a text on social media rebutting the “false narratives” of those who “do not tolerate the competition and transformation” that new entrants bring too well. The executive claims that fintech companies paid more taxes “than any major bank.”

As it turns out valueLast month, traditional banks and fintechs faced off against each other behind the scenes in Temporary Measure (MP) 1,303, which resulted in an increase in the social contribution over net profit (CSLL) rate for fintech companies. While banks acted more discreetly, fintech companies openly tried to limit the impact of the tax increase on them, proposing compensation that increased the burden on all financial institutions. Without voting on it in time, the representative fell.

However, a new proposal to increase the CSLL for fintechs is now being processed in the Senate, Bill (PL) 5,473. Today, the project rapporteur, Senator Eduardo Braga (MDB-AM), presented a new opinion on the text, and the vote was postponed until next Tuesday (2). The proposal expects the CSLL rate to increase from 9% to 12% in 2026 and to 15% from 2028.

Velez stated in the post that Nubank has contributed to expanding financial inclusion, competition and market efficiency. He says “the government has also benefited” from fintech, as Nubank was, in 2025, the “largest payer” of income tax (IR) and CSLL, taking into account absolute values and the effective rate (IR and CSLL divided by profit before tax). According to him, Nubank would have paid an effective rate of 31% in 2025, while Itau, the largest payer among banks, would have paid 14.2%.

“In just 12 years, Nubank has profoundly transformed the Brazilian financial system,” he writes. “These are the facts, despite the many false narratives put forward by those who do not tolerate competition and industry transformation very well.”