Petrobras Agrees to Pay $3.49 Billion in Back Taxes to Brazilian Government to Aid Budget Plan

Reported about 1 year ago

Brazilian oil company Petrobras has agreed to pay 19.8 billion reais ($3.49 billion) in back taxes to the federal government to support President Lula da Silva's efforts to balance the budget. The settlement, approved by the board, is the first major decision under new CEO Magda Chambriard and will provide a significant boost to Finance Minister Fernando Haddad’s goal of eliminating Brazil’s primary fiscal deficit this year. The payment will help address concerns in the market and aid in reducing future income tax obligations for Petrobras.

Source: YAHOO

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