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PBR » Topics » Plaintiff: Rio de Janeiro state finance authorities - II and IPI Tax related to Termorio equipmentsThis excerpt taken from the PBR 20-F filed May 22, 2009. Plaintiff:
Rio de Janeiro state finance authorities - II and IPI Tax
related to Termorio equipments
Rio de
Janeiro state finance authorities filed a Tax Assessment against
the Company in connection with II (Import Tax) and IPI
(Federal VAT) contesting the tax classification as Other
Electricity Generation Groups for the import of the equipment
belonging to the thermoelectric power station Termorio S.A.
On
August 15, 2006, the Company filed in the inspector’s
department of the Federal Revenue Department of Rio de Janeiro a
refutation against this tax deficiency notice, considering that
the tax classifications that were made were based on a technical
report of a renown institute. In a session on October 11,
2007, the First Panel of Judgment dismissed the tax assessment,
prevailing over a judge who voted for partial granting. The
inspector’s department of the Federal Revenue Department
lodged an appeal with the Taxpayers’ Council, which has not
yet been heard. The maximum exposure including monetary
restatement for Petrobras as of December 31, 2008, is
US$277. Based on its legal counsels’ advice, the Company
has assessed risk of loss to be possible.
Table of Contents
PETRÓLEO
BRASILEIRO S.A. - PETROBRAS AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) Expressed in Millions of United States Dollars (except when specifically indicated)
This excerpt taken from the PBR 6-K filed Mar 30, 2009. Plaintiff: Rio de Janeiro state finance authorities - II and IPI Tax related to Termorio equipments Rio de Janeiro state finance authorities filed a Tax Assessment against the Company in connection with II (Import Tax) and IPI (Federal VAT) contesting the tax classification as Other Electricity Generation Groups for the import of the equipment belonging to the thermoelectric power station Termorio S.A. On August 15, 2006, the Company filed in the inspector’s department of the Federal Revenue Department of Rio de Janeiro a refutation against this tax deficiency notice, considering that the tax classifications that were made were based on a technical report of a renown institute. In a session on October 11, 2007, the First Panel of Judgment dismissed the tax assessment, prevailing over a judge who voted for partial granting. The inspector’s department of the Federal Revenue Department lodged an appeal with the Taxpayers’ Council, which has not yet been heard. The maximum exposure including monetary restatement for Petrobras as of December 31, 2008, is US$277. Based on its legal counsels’ advice, the Company has assessed risk of loss to be possible. 135 This excerpt taken from the PBR 6-K filed Mar 18, 2008. Plaintiff: Rio de Janeiro state finance authorities - II and IPI Tax related to Termorio equipments Rio de Janeiro state finance authorities filed a Tax Assessment against the Company in connection with II (Import Tax) and IPI (Federal VAT) contesting the tax classification as Other Electricity Generation Groups for the import of the equipment belonging to the thermoelectric power station Termorio S.A. On August 15, 2006, Termorio submitted a contestation of the tax assessment to the Federal Revenue Department. On September 15, 2006, the case was referred to the Federal Revenue Service in Florianópolis, where it is still being examined under administrative proceedings. The maximum exposure including monetary restatement for Petrobras as of December 31, 2007, is US$326. Based on its legal counsels’ advice, the Company has assessed risk of loss to be possible. This excerpt taken from the PBR 6-K filed Apr 10, 2007. Plaintiff: Rio de Janeiro state finance authorities – II and IPI Tax related to TERMORIO equipments Rio de Janeiro state finance authorities filed a Tax Assessment against the Company in connection with II (Import Tax) and IPI (Federal VAT) contesting the tax classification as Other Electricity Generation Groups for the import of the equipment belonging to the thermoelectric power station TERMORIO S.A. On August 15, 2006, TERMORIO submitted a contestation of the tax assessment to the Federal Revenue Department. On September 15, 2006, the case was referred to the Federal Revenue Service in Florianópolis, where it is still being examined under administrative proceedings. The maximum exposure including monetary restatement for Petrobras as of December 31, 2006 is US$227. Based on its legal counsels advice, the Company has assessed risk of loss to be possible. 103 19. Commitments and Contingencies (Continued) (c) Tax assessments (Continued) Plaintiff: Internal Revenue Services Internal Revenue Services denied PASEP base reduction. Internal Revenue Services Appeal denied in 2nd instance and voluntary appeal of Petrobras accepted. Pending special appeal filed by the Internal Revenue Services. The maximum exposure including monetary restatement for Petrobras as of December 31, 2006 is US$13. Based on its legal counsels advice, the Company has assessed risk of loss to be possible. | EXCERPTS ON THIS PAGE:
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