Petrobras challenges tax disputes worth 8.77B Brazilian reais

Brazil's federal tax authority filed a series of new tax claims against Petrobras (PBR -1.5%) between October and January, and the state-run company is challenging five tax assessments that total 8.77B Brazilian reais ($3.74B).

PBR says it has presented its defense against each of the claims and is awaiting judgment; the company considers the chance of losses to be "possible, but not probable, and accordingly we have not established any provision."

But investors should not brush off the claims; Vale agreed to pay 22.33B reais to settle a similar series of disputes over taxes on its foreign operations, which contributed to a record $6.45B Q4 net loss.

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Comments (2)
  • Tasos Galanopoulos
    , contributor
    Comments (120) | Send Message
    Brazil coming to their ATM.
    11 Mar 2014, 04:41 PM Reply Like
  • Bogie 1
    , contributor
    Comments (145) | Send Message
    As I have commented many times, the socialist agenda will never be met. They will suck the company dry any way they can. With elections coming up they need to buy t hose votes. They have truly created a people on the permanent dole at the expense of the hard working middle class, businesses and shareholders. Just wait until the Olympic fiasco is over, they'll be riots in the streets for jobs, wages, lower prices, you name it. They'll be partnering with Venezuela, Argentina as they have done with the Chinese who by the way are buying assets on the super cheap because the socialists need the money. This company should be bought out completely by the government at a fair price to shareholders and then they can do whatever they want with the company. But they won't they'll just pick it clean like every other socialist regime has done in the past ergo leaving them as a forever third world nation.
    12 Mar 2014, 07:00 AM Reply Like
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