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This excerpt taken from the PBR 20-F filed May 22, 2009. Taxation of Capital
Gains
Upon the sale or other disposition of a share or an ADS, a
U.S. holder will generally recognize gain or loss for
U.S. federal income tax purposes. The amount of the gain or
loss will be equal to the difference between the amount realized
in consideration for the disposition of the share or the ADS and
the U.S. holder’s tax basis in the share or the ADS.
Such gain or loss generally will be subject to U.S. federal
income tax and will be treated as capital gain or loss. The net
amount of long-term capital gain recognized by an individual
holder before January 1, 2011 generally is subject to
taxation at a maximum rate of 15%. Capital losses may be
deducted from taxable income, subject to certain limitations.
A
non-U.S. holder
will not be subject to U.S. federal income tax or
withholding tax on gain realized on the sale or other
disposition of a share or an ADS unless:
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