The Brazilian Chamber of Deputies on Wednesday night rejected a Senate amendment, restoring the original term for a government-sponsored bill extending the life of import-tax exemptions for the oil and gas industry. The Chamber restored the original term of the extension to the year 2040. The Senate amendment would have limited the extension to the year 2022. The exemption regime, known as Repetro, allows companies engaged in exploration, development or production of oil and gas to enjoy exemptions from certain taxes involved in the import of equipment and raw materials. The bill originated as an executive-ordered Provisional Measure. As such, it has the force of law once its original text is approved by both houses of Congress, which is the case with the current Repetro bill. Amendments are only valid if passed by both houses of Congress. Therefore, the bill will now go to President Michel Temer for his signature.
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