Brazilian President Michel Temer on Thursday night signed a law extending the life of import-tax exemptions for the oil and gas industry. The law extends the exemptions, known as the Repetro program, through the year 2040. 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 exemptions are seen as necessary to keep Brazil’s oil and gas industry competitive on world markets.
Link to government news agency release