Referenced Stocks

Market Chatter: Petrobras May Be Liable for $2.35 Bln Tax Claim; ADRs Rise 1%

By Midnight Trader,  November 05, 2012, 03:09:13 PM EDT

Reuters is reporting that Petrobras ( PBR ), Brazil's state-led oil company, may have to pay a $2.35 billion, decade-old tax claim related to the lease of foreign offshore oil platforms after a judge ruled against the company, Petrobras said on Monday.

Brazilian federal judge in Rio de Janeiro quashed an injunction won by Petrobras in March allowing it to avoid payment until a court challenge of the tax ruling was resolved, Petrobras said in a filing with Brazilian securities regulators.

Brazil's authorities are seeking taxes allegedly owed on payments to foreign companies between 1999 and 2002, Petrobras said. The payments to lease offshore oil platforms were made in countries where taxation of platforms is lower than in Brazil.

PBR ADRs are up 1.2% to $21.70.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: PBR



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