Brazil’s foreign trade body, Camex, extended a 12% tax on crude oil exports for an additional 60 days, following a court ruling that had suspended the levy.
The decision, announced late Thursday, reverses an earlier judicial move that had blocked the tax. Camex’s approval came hours after a local court ruled to suspend the export duty, which has been a point of contention between the administration of President Luiz Inacio Lula da Silva and domestic oil producers.
The future of the 12% tax remains uncertain as the dispute between the government and oil firms continues. The levy was initially implemented to bolster state revenue amid fluctuating global oil prices, though its enforcement has faced legal challenges.
The extension provides temporary clarity for exporters but leaves the underlying conflict unresolved. Analysts note the measure could impact Brazil’s crude export competitiveness if the tax remains in place long-term.
