Extension of Brazilian customs incentives for the oil industry
Extending Brazil’s customs incentives for the oil industry Brazil has extended a preferential customs regime for the oil and gas industry called Riptero, which expires in 2019, until 2040, in order to attract investment.
According to ISNA, this decision is accompanied by another ruling to create a special tax regime to strengthen domestic companies active in the oil and gas sector. The Riptero system, introduced in 2009, pays federal taxes on the import and export of goods used in research. And mining suspends oil and natural gas reserves.
According to Reuters, the extension of the regime is in the interest of oil companies. Three tenders are to be held this year for oil and gas exploration blocks in Brazil, one in September and the other two in October.