Petrobras Saves Over 2 Billion Reais in Tax Debt Amnesty with the States of RJ and ES

Written by Flavia Marinho

Published on 02/10/2020 at 07:56

Petrobras adere a programas redução de juros e multas de ICMS com os estados do Rio de Janeiro e espírito Santo e vê economia de 57% – mais de 2 bilhões de reais

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Petrobras Joins Programs to Reduce Interest and Fines on ICMS with the States of Rio de Janeiro and Espírito Santo and Sees Savings of 57% – Over 2 Billion Reais

Petrobras informed last night (10/01) in a relevant fact that the Board of Directors of Petrobras approved on Thursday, the 1st, joining the programs to reduce interest and fines on debts related to the Tax on Circulation of Goods and Services (ICMS) established by Rio de Janeiro and Espírito Santo. Sale process of Petrobras Biocombustível advances. State-owned company issues invitation letters to interested parties qualified in the previous phase

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The states of Espírito Santo and Rio de Janeiro will receive, still this year, about R$ 2 billion from Petrobras. The Board of Directors of the state-owned company approved joining the amnesty programs for ICMS (Tax on Circulation of Goods and Services) of the two states. The total debt with Rio and Espírito Santo amounts to about R$ 4.3 billion.

About 70% of this amount will be paid this October, with the remainder in monthly installments until December of this year. Of the total, R$ 1.8 billion will go to Rio de Janeiro and the remainder to Espírito Santo.

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In Rio de Janeiro, the company settles debts from the collection of ICMS and fines on internal consumption operations of bunker diesel by maritime units.

In Espírito Santo, Petrobras clears tax debts arising from disagreements regarding the appropriation of ICMS credits on fixed asset goods and differences in the tax on transactions occurring until 2011 from the Gas Treatment Unit in Linhares.

The Amnesties are in accordance with ICMS Agreements 146/2019 and 51/2020 from the Confaz, and established by the states of Espírito Santo and Rio de Janeiro, respectively.

“The decision to join the Amnesties is part of the ongoing process of evaluating tax liabilities and mitigating associated risks and, in the case of Rio de Janeiro, is conditioned on the publication of state law that fully incorporates the rules set forth in Agreement ICMS 51/2020”, Petrobras stated.

Petrobras Saves Over 2 Billion Reais in Tax Debt Amnesty with the States of RJ and ES

Petrobras Joins Programs to Reduce Interest and Fines on ICMS with the States of Rio de Janeiro and Espírito Santo and Sees Savings of 57% – Over 2 Billion Reais

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Petrobras Saves Over 2 Billion Reais in Tax Debt Amnesty with the States of RJ and ES

Petrobras Joins Programs to Reduce Interest and Fines on ICMS with the States of Rio de Janeiro and Espírito Santo and Sees Savings of 57% – Over 2 Billion Reais

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