Brazil’s Petrobras to Appeal Decision in Tax Dispute

From The Wall Street Journal

By Jeff Fick

RIO DE JANEIRO–Brazilian state-run energy giant Petroleo Brasileiro (PBR, PETR4.BR), or Petrobras, said Monday that it would appeal a judge’s decision against the company in a dispute over tax payments for oil-platform leases.

Petrobras had asked a local judge to dismiss a tax case brought against the company by Brazil’s Internal Revenue Service for unpaid taxes between January 1999 and December 2002. The tax authority sanctioned the company for not deducting income taxes for lease payments on offshore oil platforms made to companies operating in countries with more favorable tax rates, Petrobras said.

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