UPDATE 2-Petrobras pays Brazil $508 mln to settle tax dispute

viernes 17 de julio de 2015 00:19 GYT
 

* Petrobras tax payment more than double tax-liability provision

* Says will take a charge of 1.4 billion reais against Q2 earnings

* Government had 7.83 bln reais in IOF claims against Petrobras (Adds detail, writes through)

By Jeb Blount

RIO DE JANEIRO, July 16 (Reuters) - Brazil's state-run oil company Petroleo Brasileiro SA said late Thursday it paid 1.6 billion reais ($508 million) to settle part of a tax dispute with Brazilian authorities and will take a charge against second-quarter earnings.

The payment includes 1.2 billion reais in back taxes and 400 million reais in fines and interest, Petrobras, as the company is formally known, said in a statement. The second-quarter charge, after taxes, will be 1.4 billion reais.

The payment comes after Brazil's CARF, a tax-ajudication body in the Finance Ministry, ruled that Petrobras must pay a financial-transaction tax known as the IOF. The tax was levied on Petrobras foreign-subsidiary operations in 2008.

The move raises questions about how much more Petrobras, the world's most-indebted oil company, will have to pay the Brazilian government for tax and other legal judgments.

While the company recently slashed its five-year spending plan by 41 percent to $130.3 billion, some market insiders have suggested the cuts are not enough and Petrobras' financial goals remain unrealistic.   Continuación...