September 18, 2019 / 10:41 PM / a month ago

Brazil's Petrobras wins tax dispute, says contingencies already classified any losses as 'remote'

FILE PHOTO: FILE PHOTO: A general view of the tanks of Brazil's state-run Petrobras oil company in Brasilia, Brazil July 25, 2019. REUTERS/Ueslei Marcelino/File Photo/File Photo

RIO DE JANEIRO (Reuters) - Brazilian authorities have decided in favor of state-run oil firm Petroleo Brasileiro SA regarding a major tax dispute, the firm said in a securities filing on Wednesday.

In the filing, Petrobras, as the firm is commonly known, said the dispute related to the deductibility of 16.4 billion reais ($3.99 billion) in oil and gas production costs incurred in 2012 and 2013. The firm said that contingencies related to the dispute had already been classified as “remote losses,” and will remain classified the same way.

As a result, information on the dispute will not be included in its financial statements.

Reporting by Gram Slattery; Editing by Chizu Nomiyama

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