July 26, 2018 / 12:37 AM / 4 months ago

Petrobras to appeal tax decision on 3.3 bln reais in foreign earnings

RIO DE JANEIRO, July 25 (Reuters) - Brazil’s state-controlled oil company Petroleo Brasileiro said on Wednesday it would appeal the unfavorable part of a tax ruling related to about 3.3 billion reais ($894.82 million) in profit earned by its units abroad in 2011.

Petrobras did not explain what part of the ruling by Brazil’s Administrative Council of Tax Appeals (CARF) was unfavorable, but noted that the issue related to corporate income tax and a social security tax. ($1 = 3.6879 reais) (Reporting by Marta Nogueira; Editing by Sandra Maler)

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