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30/11/2017 - 12:51hs

Oil industry tax break extended

The Brazilian Chamber of Deputies approved the extension of a draft Provisional Measure lifting taxes on imports of goods intended for oil and gas exploration, development and production.

Brasília – Brazil’s lower house approved on Wednesday evening (29) the draft for Provisional Measure 795/17, which concerns the import of goods intended for exploration, development and production of oil, natural gas and other hydrocarbons. The draft was approved by 208 votes to 184.

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.

*Translated by Gabriel Pomerancblum

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