By William Hoke
Brazil’s Petróleo Brasileiro SA (Petrobras) was justified in taking deductions for development of an oil and gas field during fiscal 2010, an administrative tax appeals board ruled October 20.The company said the decision negates an assessment for BRL 7.8 billion (around $2.4 billion) issued by the Federal Revenue Service (RFB).
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Mario Graziani Prada of Machado, Meyer, Sendacz e Opice said the RFB could ask for a review of the decision by the highest chamber of the administrative appeals body, but only if it conflicts with rulings reached by other, lower-level panels. “Apparently, there are no other precedents in favor of the tax authorities,” he said.
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