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Government analyzes today whether to maintain Export Tax on oil; revenue already reaches R$ 7.9 billion

The Executive Management Committee (Gecex) of the Chamber of Foreign Trade (Camex) meets on Thursday to decide whether to extend the 12% Export Tax on petroleum, which is in effect until September 9. The Ministry of Finance advocates extending the rate for 60 days to cover the costs of the subsidy to gasoline and diesel. Since March, when it took effect, the government has already collected R$ 7.982 billion with the tax. Oil companies are trying to overturn the charge, arguing that the rate reduces the attractiveness of investments and harms Brazil's position in the external market.

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