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Oil industry tax break extended in Brazil

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Staff Writer | December 1, 2017
Brazil oil industry
LatAm   The Provisional Measure

Brazil’s lower house approved the draft for Provisional Measure which concerns the import of goods intended for exploration, development and production of oil, natural gas and other hydrocarbons.

The Provisional Measure has been effective since August, and it pends congressional approval by December 15 in order to remain in force.

It exempts goods from taxes provided that the activities they are intended for take place in Brazilian territory.

Imports and domestic purchases of raw materials and intermediate goods for oil, gas and hydrocarbon exploration, development and production are also covered.

The government’s first draft deadline was July 31, 2022. Júlio Delgado, the congressman handling the bill, pushed the date forward to 2040, the year another tax break program – Repetro – is set to end.

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