Petrobras Sets Historic Record With R$ 279 Billion In Taxes and Government Contributions In Brazil

In The Last Year, Petrobras Broke Its Own Record By Disbursing A Massive R$ 279 Billion In Taxes, Withholdings And Government Contributions In Brazil, Which Means An Increase Of About 37.5% Compared To The Year 2021.

Petrobras, in its Recently Released Fiscal Report, Revealed A Total Payment Of R$ 279 Billion To The Public Treasury In 2022. A Large Part Of This Amount, R$ 149 Billion, Represents Taxes Linked To The Company’s Operations. Additionally, R$ 83 Billion Corresponds To Government Participation, Mainly Royalties And Special Participation.

The Report Also Reveals That The Petrobras Collected R$ 47 Billion In Third-Party Taxes, As Part Of Its Legal Obligation To Do So Throughout The Supply Chain. This Is Done Through The Widely Adopted Technique Of Substitute Taxation, Which Concentrates The Collection Process In A Few Key Economic Agents, Making Collection And Oversight More Efficient.

The Tax Administration Of Petrobras Is Guided By Ethics, Integrity, Transparency, Efficiency, And Social Responsibility, Contributing To The Social And Economic Development Of Brazil And The Countries In Which It Operates.

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The Company Was The First Brazilian Company Listed On The B3, Preparing And Voluntarily Disclosing Tax Declarations (Financial Reports), Now In Its Fourth Annual Edition. It Was Also Selected As One Of The Representatives Of The Oil And Gas Sector In The Confia Program, Established By The Brazilian Federal Revenue. The Aim Of The Program Is To Enhance The Relationship Between The Tax Authorities And Taxpayers, Providing Greater Legal Certainty To Tax Procedures.

It Is Also Certified By The Federal Revenue’s Authorized Economic Operator Program And Has Received Several Awards For The Transparency And Technical Quality Of Its Financial Statements. In January 2023, The Board Of Directors Of Petrobras Approved A Tax Policy That, Among Other Things, Commits To Not Holding Shares In Jurisdictions With Recognized Tax Advantages (“Tax Havens”).

Royalty Payments And Special Commitments Are Also Documented Within Petrobras

The Total Collected By The Petrobras In Government Participation (PGOV) In 2022 Is R$ 83 Billion, The Highest Annual Amount Ever Paid By The Company. This Amount Is About 51% Higher Than The Previous Record Set In 2021 (R$ 54.5 Billion).

The Amount Paid For PGOV Is Comprised Mainly Of Royalties (R$ 42 Billion) And Special Participation (R$ 36 Billion). In Addition To These Two Recurring Items, There Is A One-Time Signature Bonus Of R$ 4.2 Billion, Referring To The Excess Amount Received From The Transfer Of Sépia (30%) And Atapu (52.5%) Each R$ 2.1 Billion, In Addition To R$ 246 Million Paid For Occupying Or Maintaining The Area.

Royalties Constitute The Economic Remuneration Due By The Exploration And Production Concessionaires Of Oil Or Natural Gas And Are Charged Based On The Value Of The Production From Oil And Gas Fields And Are Charged Monthly.

The Special Participation Is An Economic Compensation Provided To Concessionaires For The Exploration And Production Of High-Volume Oil Fields. After Receiving The Funds, The ANP Distributes The Collected Amounts To The Union, States, And Municipalities, As Well As To Beneficiaries Defined By Legislation. The Use Of The Resources Is The Responsibility Of Federal Entities.

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