The state-owned company’s board approved an agreement with Carf this Monday (June 17); there were 10 votes in favor and only one against
The government Luiz Inácio Lula da Silva (PT) will receive a cash boost of almost R$20 billion to help close its accounts in 2024. The resource will come from Petrobras. The Board of Directors of the state-owned company approved this Monday (June 17, 2024) an agreement to close administrative and judicial proceedings at Carf (Tax Resources Administration Council) which includes the payment of R$19.8 billion.
In practice, Petrobras will adhere to a type of Carf debt refis, in a model launched at the beginning of the year by the PGFN (Attorney General of the National Treasury) and the Federal Revenue Service. As shown by the Power360given the pressure from Palácio do Planalto for the resource, it was considered right approval of payment by the Board of Directors.
The agreement involves disputes related to the incidence of Cide (Contribution for Intervention in the Economic Domain), PIS (Social Integration Program) and Cofins (Contribution for Social Security Financing) on remittances abroad, from the period 2008 to 2013, which totaled R $44.79 billion. With the agreement, Petrobras will have a 65% discount on the value of the debt.
Of the total, R$6.65 billion will be paid through judicial deposits already made in the processes and R$1.29 billion will come from tax credits relating to tax losses of the company’s subsidiaries. The remaining R$11.85 billion will be paid directly to the National Treasury as follows:
- entry of R$3.57 billion, which will be deposited on June 30, 2024;
- 6 successive monthly installments of R$1.38 billion, starting on July 31st.
According to Petrobras’ relevant fact, the impact after tax effects will be R$11.87 billion on net profit for the 2nd half of 2024. Here is the complete of the statement (PDF – 98 kB).
The government has 6 of Petrobras’ 11 advisors. The agreement was approved by 10 of them. The only opponent was Marcelo Gasparino, one of the 4 representing minority shareholders. To the Power360one of the members stated that it was a “excellent deal” for the company.
UNDERSTAND THE CASE
The tax liability in question refers to remittances abroad under platform charter contracts. The government took the matter to court because it understood that this type of transaction is subject to IRRF, Cide, PIS and Cofins.
Chartering consists of using outsourced platforms, that is, a service provider responsible for operating the vessel is hired. Petrobras is the main company that carries out this type of contracting in Brazil, with the majority of charterers being foreigners.
According to the notice of adherence to the tax agreement, Petrobras had two options for entering the program. The 1st option defined in the notice, which provides for a 65% discount on the eligible value of the transaction, with a 30% deposit on the remaining amount, and payment of the remainder of the balance in 6 monthly installments.
The 2nd available option guarantees a 35% discount on the debt, with a 10% deposit and payment in 24 installments. The model chosen by the company ended up being the government’s favorite, as it received resources more quickly.
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