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Brazil Senate move foward to lower house extension of preferencial customs regime for oil sector

 

 

 

By Reuters Staff

SAO PAULO
Petroleumworld 12 13 2017

Brazil's Senate on Tuesday gave the green light to an extension of a preferential customs regime for the oil industry that has made the country more attractive to major global oil companies, sending the measure to the lower house for final approval.

The so-called Repetro scheme, which suspends import duties on equipment used in oil exploration and production, had to clear the Senate before the Dec 15 expiry date of a presidential order renewing the tax break currently set to expire in 2019. An amendment to the bill, however, means it must go back to the lower house for another vote.



Reporting by Anthony Boadle Editing by Chizu Nomiyama from Reuters.

reuters.com 12 12 2017

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