*Brazil’s state-controlled oil company, Petrobras, has announced that it will pay R$19.80bn (US$3.65bn) in back taxes. The company has come under mounting pressure from President Luiz Inácio Lula da Silva’s government to settle its tax debts, with the government demanding that the company uphold its duty to the country as well as to its shareholders. The announcement follows the appointment of Magda Chambriard as Petrobras CEO last month. Chambriard’s predecessor, Jean Paul Prates, was fired amid mounting tensions with the Lula administration, which has pushed for the company to reinvest more of its profits rather than prioritise dividend payouts. The R$19.80bn figure relates to taxes on the chartering of vessels or offshore rigs. The payment will help Finance Minister Fernando Haddad in his efforts to eliminate Brazil’s primary fiscal deficit this year. Securing the payment of tax debts is a central part of Haddad’s strategy.
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LatinNews Daily - 18 June 2024
In brief: Brazil’s Petrobras agrees to pay billions in tax debts
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