Export Tax on Crude Oil Announced by Federal Government on Last Day of February Worries Oil and Gas Sector

Escrito por Paulo Nogueira

Publicado em 01/03/2023 às 05:32

Atualizado em 01/03/2023 às 05:33

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Taxation Occurs When in the Midst of Already Established Projections for Brazil’s GDP, Investments, and the Generation of Over 400 Thousand New Jobs in the National Oil and Gas Sector in the Previous Administration, According to the Institution

The Brazilian Institute of Oil and Gas (IBP), the main entity in this segment in Brazil, is extremely concerned about the new crude oil export tax that the federal government announced on Tuesday (February 28, 2023).

The strategic value is placed on the oil and gas industry and the complex supply chain that supports it. The sector accounts for about 15% of the industrial GDP and is expected to generate over 445 thousand annual jobs and more than US$ 180 billion in investments over the next decade.

Brazilian oil exports contributed to the country’s US$ 65 billion trade surplus over the past four years, becoming the third most important item in the country’s trade balance.

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This Taxation in the Oil and Gas Sector May Harm Brazil’s Credibility

Consequently, even short-term taxation on exports can have a significant effect on a country’s credibility in terms of regulatory stability and, by extension, its competitiveness in the medium and long term.

As oil will be taxed and will face more competition from nations that do not tax the commodity, the introduction of this new tax also affects the growth potential of oil production.

Investment options in exploration and production may be delayed or even canceled due to uncertainty surrounding the new tax, which could adversely impact the tax revenue of federal and state governments, as well as job creation.

Source: IBP Statement

Export Tax on Crude Oil Announced by Federal Government on Last Day of February Worries Oil and Gas Sector

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