Petroleum Geo-Services settles Brazilian tax dispute

Petroleum Geo-Services settles Brazilian tax dispute

Norway’s Petroleum Geo-Services (PGS) has entered into an agreement with the tax authorities of Rio de Janeiro in Brazil to settle all ongoing disputes related to municipal services tax (ISS) on the licensing of multi-client data.

According to PGS, it has decided to settle all the ongoing ISS disputes under the circumstances that the municipality of Rio de Janeiro recently published new regulations for ISS relating to licensing of multi-client data, which specifically require 2% ISS to be paid on multi-client licensing.

PGS and municipality of Rio de Janeiro have together applied with the court for the withdrawal of the lawsuits and the release of the amounts deposited as escrow.

Under the settlement, PGS will pay to cover all historical periods and exposures relating to ISS on MultiClient licensing up to today which will see it receive around $55m back from its deposit made before the end of this year.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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