Petrobras assures: there is no risk of supply shortage.
After the courts prevented Petrobras from importing, exporting, or even participating in pre-salt bidding rounds due to a R$7,4 billion debt to the tax authorities, the state-owned company, headed by Graça Foster, reports that it is working to recover its tax clearance certificate "in a short period of time"; according to the company, there is no risk of interruption of operations or shortage of oil and derivatives in the country; shares are falling.
247 Petrobras announced early Friday afternoon that it is working to recover its tax clearance certificate "in a short period of time." According to the state-owned company, there is no risk of interruption of operations or shortage of oil and petroleum products in the country.
On Thursday, the Superior Court of Justice denied the state-owned company's request to suspend a tax collection of R$ 7,4 billion. Due to the debt with the Internal Revenue Service, the company lost its tax clearance certificate, a document necessary for import and export operations.read more).
According to the state-owned company itself, without the certificate, it "is prevented from importing the oil necessary to supply fuel to the national market, is prevented from exporting its production, is unable to participate in ANP bidding rounds, including those related to the pre-salt layer, is unable to benefit from federal tax incentives, etc."
The debt that led to the cancellation of the certificate stems from the non-payment of Income Tax on remittances abroad for the payment of mobile oil platforms between 1999 and 2002. The company was fined in 2003 and has been challenging the debt collection in court ever since.
"The Company will take all appropriate measures to continue discussing the matter, as it believes it is protected by tax legislation that ensured its exemption from Income Tax at the time of the events," says the statement from the oil company. Around 14:20 PM, the company's preferred shares were trading down 3,14%, at R$ 18,21, and the ordinary shares were down 3,63%, at R$ 16,72. At the same time, the Ibovespa was down 1,46%, to 49.677 points.
Read the full text of Petrobras' statement:
"Petrobras' clarification regarding the court decision"
Petrobras, in response to news reports in the press, clarifies that it is taking all necessary measures to reinstate its Tax Clearance Certificate (CND) in a short period of time and assures that there is no risk of operational interruption or shortage of oil and petroleum products in the country.
The news is based on an unfavorable decision issued by the Superior Court of Justice (STJ) in a lawsuit filed by Petrobras to reinstate the preliminary injunction that allowed it to litigate the case without having to provide guarantees.
This decision was issued in a legal proceeding concerning Withholding Income Tax (IRRF) on remittances for the payment of vessel charters. The preliminary injunction had been granted by the Federal Regional Court of the 2nd Region and was revoked by a decision published on June 10, 2013.
The dispute originated from a lawsuit filed by Petrobras on March 1, 2012, after exhausting all administrative remedies. This lawsuit aims to annul a debt established by the Federal Revenue Service in an administrative process demanding withholding income tax on remittances made between January 1999 and December 2002 for the chartering of platforms.
The Company will take all appropriate measures to continue discussing the matter, as it believes it is protected by tax legislation that guaranteed its exemption from Income Tax at the time of the events.