The minister informed that the collection of the export tax on crude oil is expected to generate a collection of R $ , billions and will have a 1% impact on Petrobras profit
RIO AND SÃO PAULO – The provision announced by Finance Minister, Fernando Haddadto tax exports of crude oil – that is, without refining – for four months to supplement expected revenues with the partial fuel tax burden, has been criticized by the sector.
According to the Brazilian Institute of Oil and Gas (IBP), the main representative of the sector in the country, “the taxation of foreign sales, even temporary, can affect the country’s competitiveness in the medium and long term, as well as affect domestic sales credibility regarding the stability of the rules”.
Haddad informed that the collection of the export tax on crude oil, which goes from zero to 9.2%, is expected to generate a collection of R$ 6.6 billion and will have a 1% impact on the profit of Petrobras.
According to the IBP, the oil and gas industry accounts for about 15% of industrial gross domestic product (GDP). Investment estimates are approximately $180 billion annually over the next decade, creating more than 445,000 direct or indirect jobs. “Oil exports are the third largest item in Brazil’s trade balance, with a surplus of US$65 billion over the past four years,” the IBP informed.
“The creation of this new tax also affects the prospects for increased oil production, as the product will be burdened and face increased competition from countries that do not tax the commodity,” he said. The president of Enauta, Décio Oddone, also said so Stadium/Broadcast that the decision is negative and goes against the goal of expanding oil production in Brazil. “The creation of a tax on exports can affect the realization of investments for the increase of production, harming revenues, exports and job creation in the future,” said the executive.
Tendências Consultoria partner and former finance minister Maílson da Nóbrega questioned the measure. “I see this as a disguised way to reduce Petrobras’ profits,” the minister said. “It no longer makes sense for Brazil to have an export tax.”
Source: Terra
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