October 2, 2018 / 11:19 AM / 20 days ago

Brazil's JBS to pay discounted 2.4 bln reais in farm tax over 20 yrs

RIO DE JANEIRO, Oct 2 (Reuters) - Brazil’s JBS SA has joined a farm tax regularization program and agreed to pay a reduced 2.4 billion reais ($597.37 million) in levies under the plan, the world’s largest meatpacker said late on Monday.

The decision will mean about a 2.4 billion reais hit to third quarter results, the company said.

As part of the program to regularize its payment of the farm tax known as Funrural, JBS will pay 123.7 million reais upfront, 369.8 million reais with tax credits from prior losses, and the remaining 1.9 billion reais over nearly 20 years in over 200 monthly installments. ($1 = 4.0176 reais) (Reporting by Raquel Stenzel Editing by Chizu Nomiyama)

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