Brazil tax revenues rise 3 percent in June from a year ago

Brazil's federal tax collection rose 3 percent in June from the same month a year ago after adjusting for inflation, the country's tax agency said on Wednesday.

The country collected 104.1 billion reais ($33.1 billion) in federal taxes in the month. Tax revenues rose 0.8 percent in the first half of 2017 compared to a year earlier.

Source: Reuters

Brazil court rules in favor of Petrobras in tax deduction case

A Brazilian tax court ruled that state-controlled oil company Petróleo Brasileiro SA did not break the law by deducting expenses related to the development of oil and gas field from its 2009 income taxes.

According to a Friday securities filing, the Finance Ministry could still appeal against the ruling by the tax auditing court, known as CARF.

The Finance Ministry is seeking 5.1 billion reais ($1.6 billion) from Petrobras in compensation for the deduction, newspaper Valor Econômico reported on Thursday.

Source: Reuters

France to hike tax on cheap cigarettes, rolling tobacco in bid to save lives

The French government on Friday announced it would be hiking the tax on cheap cigarettes and rolling tobacco as part of a campaign to tackle deaths from smoking.

The move follows other initiatives aimed at addressing the figure of some 73,000 annual deaths stemming from the habit.

The tax increase would apply to packs of cigarettes that retail for less than 6.60 euro ($7), which make up about 40 percent of the brands on the market, according to a statement issued by Health Minister Marisol Touraine.

Taxation per packet would increase by 10-20 cents euro, while rolling tobacco costing less than 8 euro per 30 grams would also be affected by the initiative.

The cost of loose tobacco in France went up from 5.10 euro in 2004 to 9.85 euro in 2016.

Other anti-smoking measures adopted in the European nation include the introduction of "neutral" or plain cigarette packaging that is void of branding, proof-of-age checks for tobacco buyers, as well as the banning of flavored liquids for vaporizers.

Source: EFE

Chevron, Angola government in tax, investment talks

U.S. energy company Chevron is in talks with the Angolan government and state oil firm Sonangol to revise tax terms and any future investment will hinge on those talks, a senior company official was quoted as saying on Wednesday.

"Existing tax terms are not very attractive ... We have been working both with Sonangol and with various departments of the government of Angola so that we can make it feasible and we can invest. Our investment will depend on what will result from these negotiations," Chevron Vice-president Jay Johnson was quoted as saying on state radio.

Africa's second largest crude producer and third largest economy has been laid low by depressed prices for oil, which accounts for about 90 percent of government revenue.

Angola's economy contracted 4.3 percent in the third quarter of 2016 after shrinking 7.8 percent in the second quarter, the National Institute of Statistics said this month, a sharp reversal from double-digit growth when oil prices were high.

The economic backdrop could set the stage for tough tax talks as Angola's government needs revenue while large oil companies are trying to turn a profit in a difficult price environment.

Johnson was also quoted as saying that recent output cuts by the Organization of the Petroleum Exporting Countries (OPEC) - of which Angola is a member - had not affected Chevron's production levels in the southern African country.

Source: Reuters