- A federal court in Rio de Janeiro suspended a 12% export tax on crude oil for five foreign oil companies: Equinor, TotalEnergies, Petrogal, Shell, and Repsol Sinopec.
- The companies argued the tax was being used solely to raise revenue, violating legal principles such as legal certainty, equality, and free competition.
- The government plans to appeal the court’s decision.
- The judge ruled that the tax’s primary purpose was revenue-raising, not regulating trade or exchange rates, and thus must comply with constitutional tax limitations.
Source: valorinternational.globo.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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