July 30, 2020 / 2:21 AM / 8 days ago

Brazil's Petrobras could get $3.3 billion in favorable tax ruling

FILE PHOTO: A man walks in front of the headquarters of Petroleo Brasileiro S.A. (Petrobas) in Rio de Janeiro, Brazil March 9, 2020. REUTERS/Sergio Moraes

BRASILIA (Reuters) - Brazil’s state-owned oil firm Petrobras (PETR4.SA) said on Wednesday it could receive 16.9 billion reais ($3.27 billion) after a favorable tax ruling found it had over-paid to so-called PIS and Cofins taxes.

Petroleo Brasiliero SA, as the company is formally known, said in a securities filing that the figure is based on its best estimate, not accounting for taxes on that sum, and would be factored into its second-quarter balance sheet.

Reporting by Roberto Samora; Editing by Shri Navaratnam

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