Text also relaxes rules for contracting local content in oil and gas industry contracts
The president (PT) sanctioned this Friday (Dec 27, 2024) the law that guarantees a tax waiver of up to R$ 1.6 billion for the naval sector to produce vessels in Brazil aimed at the oil and gas sector. The benefit will be valid from January 1, 2027 to December 31, 2031. This is the law published in Official Gazette of the Union (PDF – 158 kB).
The law authorizes the accelerated depreciation of tankers manufactured in the country to transport oil and its derivatives via cabotage – a type of navigation carried out along the coast between ports in the same country – and maritime support vessels used to provide logistical and support services. to platforms offshore (on the high seas).
Accelerated depreciation of vessels is an accounting mechanism that allows companies to accelerate the reduction of the asset’s book value to deduct the expense in the tax calculation base.
The mechanism for the naval sector will be applied to ships whose acquisition contracts are concluded by December 31, 2026 and which begin operating from January 1, 2027. The objective is to accelerate the delivery of new ships within this time horizon .
LOCAL CONTENT IN THE OIL SECTOR
The text also relaxes local content (CL) rules – nationalization of the manufacturing of goods and services – for the oil and gas industry. From now on, it will be possible to transfer surplus CL credits between companies that are part of the same exploration and production consortium. The ANP (National Agency for Petroleum, Natural Gas and Biofuels) will be responsible for controlling the measure.
The text establishes that the transfer of credits must take into account the percentage of local content that was certified and the original contract value. However, the transfer is not permitted to be used to nullify or avoid penalties for companies that fail to comply with CL policy requirements.
The sanction was celebrated by the Minister of Mines and Energy, . “This is a decisive step towards the reindustrialization of Brazil and the strengthening of our national industry. Encouraging local content brings more quality jobs, income and competitiveness to the oil and gas sector, positioning Brazil as a global reference in sustainable and inclusive energy production”said the minister.
