Petrobras on VAT Tax (ICMS) in PIS/COFINS Calculation Basis

Source: www.gulfoilandgas.com 5/20/2021, Location: South America

Petrobras, following up on the material fact disclosed on 07/29/2020, informs that, as a result of the Supreme Federal Court (STF) decision published on 05/14/2021, in which it was defined that the amount of VAT tax (ICMS) to be excluded from the PIS and COFINS tax base is the one highlighted on the invoice, there will be a positive effect on the company's result. The best estimate of the amounts to be recovered for the period between October 2001 and June 2020 is an increase of R$ 4.4 billion, before tax effects, which will be recognized in the financial statements for the 2nd quarter of 2021.

The company expects to use the credit in the coming months, by offsetting federal taxes, according to the necessary regulatory procedures.


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