Tax Authority: Petrobras Declaration Incomplete

Four units of Brazil's federal energy company Petrobras (NYSE: PBR) doing business in Venezuela declared revenue of 547bn bolivares (US$254mn) when they should have declared 552bn bolivares, an official from Venezuela's tax agency Seniat told BNamericas.

The company has already been told of the discrepancy that allegedly took place during the 2005 fiscal year, said the official, who added "a new calculation based on the higher figure needs to be made."

The units are Petrobras Energia-APC-Corod, Petrobras Energia-Willams, Inversora Mata-Petrobras Energia and Coroil-Petrobras Energia.

Although Petrobras declined to comment, the Brazilian company has said it remains committed to existing Venezuelan projects and new projects stemming from agreements reached between Brazil's President Luiz Inacio Lula da Silva and his Venezuelan counterpart Hugo Chavez.

Petrobras' operations in Venezuela include an oil E&P joint venture with state oil firm PDVSA and a natural gas E&P joint venture with Japan's Teikoku.

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