Karoon Energy (ASX:KAR) said the Brazilian Government will levy a 12% tax on oil exports by sales volumes, effective Thursday, according to a Friday Australian bourse filing.
The company said the tax is expected to be deductible for corporate income tax purposes. The tax will lapse after 120 days from the effective date, unless it is ratified by the Brazilian Congress.
Karoon Energy's shares fell past 2% in recent trading on Friday.
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