Pass-based text with new tax rules for oil sector

In a session held yesterday, 29 November, members approved by 208 votes to 184, the basic text of the provisional measure proposing new tax rules for the oil and gas sector in Brazil.  Among the amendments is the suspension of payment of taxes on the import of equipment and platforms destined for the activities of exploration, development and production of petroleum, natural gas and fluid hydrocarbons.

The text will still need the analysis of the highlights by the parliamentarians, which can promote changes to the extent. However, the government is interested in approving the MP urgently, because it benefits companies that participated in the last bidding rounds and operating in the country's oil exploration and production.

According to the MP, they are suspended: the import tax; Ipi; PIS-PASEP import; Imports, in addition to zeroing the income tax rate on certain transactions and raising the charging of tariffs on the Estrangerias companies. The MP has been in force since it was published in August, but to become law she needs the approval of the National Congress.

On the date on which the MP was published, the government issued decree extending over 20 years the Repetro, special customs regime, allowing the importation of specific equipment, to be used directly in the activities of research and mining of oil and gas deposits. Naturally, without the incidence of federal taxes. In this way, the duration of the program is extended from 2020 to 2040.

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