Tax revenue from fuels sales reaches US$20bn/yr

- Wednesday, October 19, 2005

Tax revenue from fuels sales reaches US$20bn/yr

Tax revenue from fuels in Brazil is some 46bn reais (US$20.5bn) a year, according to Rubem Rosário Matos, tax planning manager with Brazilian federal oil company Petrobras.

The ICMS sales tax accounts for the bulk of tax collections, or 26bn reais, followed by the PIS/Cofins welfare charges at 12bn reais and the Cide fuels tax of 8bn reais.

Matos also said taxes represent 46.3% of retail gasoline prices, with the ICMS alone accounting for 26.9%.

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According to Matos, taxes represent 28.3% of ethanol prices and 26.7% of diesel prices.

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