BRASILIA: A Brazilian tax court ruled that state-controlled oil company Petróleo Brasileiro SA did not break the law by deducting expenses related to the development of oil and gas field from its 2009 income taxes.
According to a Friday securities filing, the Finance Ministry could still appeal against the ruling by the tax auditing court, known as CARF.
The Finance Ministry is seeking 5.1 billion reais ($1.6 billion) from Petrobras in compensation for the deduction.
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