government extends tax on oil exports to pay for fuel subsidies

the ministry of development, industry, commerce and services extended the collection of the 12 percent tax rate on the export of crude oil and bituminous minerals, as reported by west magazine. The determination, which came into force last Saturday, extends the tax period until December 31st of this year.

According to Oeste magazine, the justification presented by the government for maintaining the charge is the need to raise resources to finance the subsidies applied to diesel and gasoline. taxation had originally been instituted in March, when the level went from zero to 12 percent.

Still according to the publication, the creation of the measure was part of a package designed to contain the rise in fuel prices caused by the impact of the war in the Middle East. now, with the extension, the revenue obtained from the export sector continues to be linked to the cost of the pricing policy for derivatives.

What changes for the investor

Maintaining taxes on the energy exporting sector brings regulatory uncertainty to the business environment and affects Brazilian fiscal predictability. Investors and operators monitor how state interference in price formation and in the oil and gas chain impacts the competitiveness of companies in the segment listed on the stock exchange.

Automatically translated from Portuguese.