December 14, 2017 / 10:08 AM / 3 years ago

Brazil extends preferential customs regime for oil industry

SAO PAULO, Dec 14 (Reuters) - Brazil’s chamber of deputies approved an extension of a preferential customs regime for the oil industry to entice investment in a vote late on Wednesday, according to the lower house’s news agency website.

The measure was approved without an amendment proposed in the Senate earlier this week that would have reduced the extension of certain benefits through 2022, instead of 2040 as previously drafted.

The proposed amendment was defeated by 206 votes against 193 in the lower house, the chamber’s website said. Now the legislation will go to President Michel Temer for a signature.

The so-called Repetro scheme, which suspends import duties on equipment used in oil exploration and production, will renew the tax break currently set to expire in 2019.

The amendment to the bill, however, meant it had go back to the lower house for another vote. (Reporting by Alexandre Caverni; Writing by Ana Mano; Editing by Mark Potter)

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