November 7, 2017 / 11:42 AM / 3 years ago

Brazil's JBS to book 2.3 billion real tax-related charge in third quarter

The logo of Brazilian meatpacker JBS SA is seen in the city of Jundiai, Brazil June 1, 2017. Picture taken June 1, 2017. REUTERS/Paulo Whitaker

SAO PAULO (Reuters) - Brazil’s JBS SA, the world’s largest meat packer, will book a 2.3 billion real ($704 million) charge in the third quarter as a result of joining a tax renegotiation program.

In a Tuesday securities filing, JBS said it decided to include 4.2 billion reais worth of tax debt in a refinancing program known as PERT. The move will generate savings worth 1.1 billion reais, the filing said.

Reporting by Bruno Federowski; editing by Jason Neely

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