Shell’s president in Brazil, Cristiano Pinto da Costa, hopes the new tax on crude oil exports, created to rebuild the Brazilian government’s cash during President Luiz Inácio Lula da Silva’s administration, will be “temporary and isolated”. becomes. He drew attention to the potential impact on the competitiveness of the industry, which already spends two out of every three barrels paying taxes, citing a study of the sector.
“I recognize the challenges of the new administration in trying to plug the deficits, but this is a precedent that we hope will be temporary and isolated so the industry can remain competitive over the long term,” Costa said during the Offshore Technology Conference ( OTC ), the largest offshore oil and gas industry event, taking place this week in Houston, Texas (USA).
In government accounts, the temporary imposition of the export tax on oil will have a positive financial impact of R$6.6 billion. The 9.2% tax on crude oil and bituminous minerals will be temporary for four months and will last until June.
The executive also criticized Brazil’s tax system, noting the importance of the new fiscal framework that will replace the spending cap. “The complexity is enormous,” he said. “Brazil has another opportunity to implement new tax reform and actively work together between government and industry to ensure that we simplify but do not have an additional tax burden,” he added.
Related
—————————————————-
Source link