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Financial News: BRAZIL: Fuel Tax Exemption Will Apply To Diesel

BRAZIL: Fuel Tax Exemption Will Apply To Diesel Oil Only, Says Minister

05/23/2018 - 12:37:00 (RTTNews)

(RTTNews) - The end of Cide-Combustiveis, one of the federal taxes on fuels, will apply only to diesel oil and must be offset by the end of a payroll tax relief, said the Brazilian Finance Minister, Eduardo Guardia.

His remarks differ from the information provided by the Brazilian House of Representatives speaker, Rodrigo Maia. He said that the Cide-Combustiveis tax would end for both diesel oil and gasoline as long as Congress passed a bill to end the payroll tax relief.

Currently, the Cide-Combustiveis tax is equivalent to R$ 100 per cubic meter of gasoline sold - or R$ 0.10 per liter - and R$ 50 per cubic meter of diesel oil sold - ou R$ 0.05 per liter. Other types of fuels are not subject to the tax.

Last year, the Brazilian government raised R$ 5.790 billion with the Cide-Combustiveis. The most significant federal government revenue with fuel taxes, however, comes from PIS/Cofins, which yielded R$ 28.59 billion in 2017.

The Brazilian government expects that the end of the payroll tax relief would create an extra revenue of R$ 6 billion, but needs Congressional approval to move forward with the proposal. The bill is waiting for a House floor vote.

Fuel prices in Brazil rose sharply in the last few days, boosted by a stronger dollar and rising oil prices abroad. The state-owned oil company Petrobras, which controls most of the local fuels market, adjusts prices on a nearly daily basis, transferring the volatility to pump prices.

Truck drivers in Brazil are demonstrating against high fuel prices and said that the government needs to do more than removing the Cide-Combustiveis from diesel oil because the tax exemption would have minimal effect on rates.

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