Rio de Janeiro State Revives Oil Services Tax

摘要

With revenues already decimated by a prolonged economic slump, Brazil's Rio de Janeiro state has revived a tax on the oil services sector. The tax was suspended in 1999 to stimulate competition between imported and domestically produced goods, giving service providers a break on equipment purchases. Legislators say the suspension deprived government coffers of some 4 billion Brazilian reals ($1.2 billion) annually, but a 46-0 vote by Rio's state legislature has reinstated the tax.