Petrobras/Favorable decision by CARF concerning the deductibility of production development expenditures for purposes of IRPJ and CSLL assessment

Rio de Janeiro, August 16, 2018 – Petróleo Brasileiro S.A. – Petrobras informs that today the Administrative Board of Tax Appeals (CARF) issued a decision, unanimously, in favor of the company, in an fiscal administrative proceeding in the amount of R$ 8.4 billion, related to the moment of deductibility of expenses incurred by Petrobras in the development of oil and gas production, for purposes of calculating Corporate Income Tax (IRPJ) and Social Contribution on Net Profit (CSLL), of the 2011 fiscal year.

The CARF had already rendered favorable decision, unanimously, in proceedings pertaining to the same matter regarding a previous fiscal year, as disclosed to the market on 10/19/2017.

It should be noted that the possibility of loss of the contingent liability is currently classified as remote and, therefore, this proceeding is not disclosed in the notes to the financial statements for the second quarter of 2018, with no impact on the company’s financial results.

Categories: Uncategorized

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s