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Petrobras Raises Tax Payments to R$76.7 Billion in the 1st Half

An increase of 22.5% over the same period last year is mainly due to the payment of royalties and its own ICMS


WEBWIRE
PETROBRAS AGENCY PHOTO
PETROBRAS AGENCY PHOTO

A 22.5% growth compared to the same period last year (R$ 62.6 billion), which is mainly due to the payment of royalties and ICMS. Thus, once again, Petrobras continues to be one of the largest payers of taxes and government participation in Brazil, generating an expressive return for society.

The total paid comprises R$32.4 billion in taxes related to its operations; R$23.3 billion in government participation and R$21 billion in taxes withheld from third parties, since the company has a legal duty to collect it throughout the entire chain, as a tax substitute.

For the Union, R$ 14.3 billion were paid in Federal Taxes, plus R$ 23.3 billion in government participation, totaling R$ 37.6 billion to the Federal entity in the first half of 2021. R$ for the states were collected. 38.6 billion, while for the municipalities the amounts of R$ 497.3 million were collected in the accumulated period.

The Chief Financial and Investor Relations Director, Rodrigo Araujo Alves, emphasizes that these numbers reflect the relevance of Petrobras’ performance in the Brazilian economy. “By developing our projects, the company continues to supply the market at the same time as it expands the payment of taxes and generates a return for Brazilian society through its activities”.

The greater the efficiency of oil field development projects, the greater the potential for revenue for the Union, states and municipalities and for generating value for society. This relationship was demonstrated in a study by the Brazilian Institute of Oil and Gas (IBP). The survey concluded that oil taxation in Brazil represents approximately 70% of income from the activity, well above the average tax burden in the country, which is in the range of 38 to 40%.

With regard to state taxes, the fiscal report, released this week by the company, presents a study of the general overview of the ICMS collected by Petrobras and its contribution relevance compared to the total ICMS collected by each state. In the State of Rio de Janeiro, for example, the collection was R$ 3.92 billion, which represents 16.9% of the total collected throughout the state, according to data from the collection bulletin of the National Council for Finance Policy (Confaz ).

Such data converge with Firjan’s analysis, released this month, according to which, in the first six months of the year, the state of Rio de Janeiro collected 72.57% of royalties received in 2019 and confirms expectations for growth in collection. Only the municipalities of Campos dos Goytacazes and Macaé, in the North of Rio de Janeiro, reached together, in the first six months of 2021, 68.85% of the amount collected in 2020. The data are from the National Petroleum Agency (ANP). Also according to the study, among the main reasons for the resumption of royalties are production volumes, the exchange rate and the recovery in world oil barrel prices.


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