State-run oil company Petroleo Brasileiro SA said it will take a 2 billion reais ($576 million) charge against third-quarter earnings to pay a disputed tax bill with Brazil’s federal government, its second unexpected tax charge in a month.
The charge is related to 6 billion reais of disputed tax assessments over eight years between 1999 and 2012, Petrobras, as the company is known, said on Friday in a statement.
Under terms of the plan, Petrobras, will have the assessment cut by half and use tax credits to pay 876 million reais of the remaining 3 billion-reais bill. The company will also use 1.26 billion reais from a judicial cash escrow account to cover the tax obligation.
The rest will be paid in installments through 2017.
Brazil Energy Insight 
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