Karoon Energy Says Brazilian Government Extends 12% Temporary Tax on Crude Oil Exports
MT Newswires Live
Sep 01
Karoon Energy (ASX:KAR) said the Brazilian Government announced a further 60-day extension of the 12% temporary tax on crude oil exports to Nov. 7, according to a Tuesday filing with the Australian bourse.
The company secured the benefit of a preliminary injunction suspending payment of the 12% export tax on future exports and related unpaid liabilities with its participation in collective industry proceedings brought by the Brazilian Association of Oil and Gas Exploration and Production Companies, the filing said.
The company will recognize the export tax expense and liability, pending a final determination on the matter, per the filing.
Karoon Energy shares rose 2% in morning trade Tuesday.
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