Specific Rules on Taxation and Benefits of the Oil Activity

The new Petroleum Law (Law no. 21/2014 of August 18) provides that the specific framework on taxation of petroleum operations shall be established by law. In this context, Law no. 27/2014, of September 23, was approved and establishes the Specific Rules on Taxation and Tax Benefits of Petroleum Operations (Regime Específico de Tributação e de Benefícios Fiscais das Operações Petrolíferas - "RETBFAP"). This new law came into force on January 1, 2015.