Treasury Department estimates evasion of almost R $ 10 billion by Petrobras (PETR4)

Charlie Taylor

The State Secretariat of Finance (Sefaz) estimates tax evasion of R $ 9.8 billion by Petrobras (PETR4). The Rio de Janeiro agency carried out a survey, released earlier this week, which indicates that Rio de Janeiro may have lost this amount in Royalties and Special Participation (PE) revenues in the last ten years. For Sefaz, the oil companies do not give clarity to the disclosure of their movement values ​​and, thus, there was a reduction in the collection of compensatory revenues from oil and gas exploration in the The matter was listed at the second meeting of the Parliamentary Committee of Inquiry (CPI) established by the Legislative Assembly of the State by Secretary Guilherme Mercês.

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He pointed out that the lack of transparency is "a maneuver absolutely incompatible with the stance that such companies should adopt".Petrobras (PETR4): XP reiterates Sale even after fund to cushion price fluctuations


The secretary explained that the calculations were made based on the results of the ICMS inspections of the State Revenue, that is, the volume of infraction notices and spontaneous complaints in relation to the total volume of ICMS collected. He also said that the definitive calculations can only be finalized after the concessionaires made available to Sefaz-RJ all documents and information on cost deductions in the last 10 years. Based on two direct actions of unconstitutionality (4,606 and 6,233, respectively from May 2019 and March 2020), which reinforced the competence of the States to carry out this type of inspection, the Federal Regional Court of the 2nd Region (TRF-2) determined, in July last year, that Petrobras provide the Finance Department with all documents and other information regarding the deductions (costs ) made on Royalties and Special Participations in the last decade. Another lawsuit filed by Sefaz-RJ claims the determination of the costs of this period, es exploratory expenditures, in each field. The concessionaires' declaration has always been made in aggregate, in blocks, making analysis difficult. The data are provided by companies that explore the production of oil and natural gas, in secret, to the National Petroleum Agency (ANP), which does not have structure to properly inspect this accounting.

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Petrobras (PETR4): Justice extinguishes Previ's judicial mortgage actionOnly click here if you are already an investor. The post Secretariat of Finance estimates tax evasion of almost R $ 10 billion by Petrobras (PETR4) appeared first in 1 Billion Financial Education.

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