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PBR » Topics » 1.1 Transitory Tax Regime (TTR)

This excerpt taken from the PBR 6-K filed Aug 18, 2009.

1.1 Transitory Tax Regime (TTR)

The amounts presented in the Quarterly Information as of June 30, 2009 take into consideration the adoption of the Transitory Tax Regime (TTR) by the Company, as permitted by Law 11.941, of May 27, 2009, the purpose of which is to maintain the fiscal neutrality of the changes in the Brazilian Corporation Law introduced by Law 11.638/07. The definitive option for the Transitory Tax Regime (TTR) will be manifested later in the year, at the time of delivery of the corporate economic and tax information return (DIPJ). The temporary tax effects generated on account on applying the Transitory Tax Regime (TTR), when applicable, are computed and presented in deferred income and social contribution taxes.

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