Company: PBR
Filing Date: 2025-09-03
Form Type: 424B2
Source: 0001104659-25-086714
Chunk: 78

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-09-03
Form: 424B2
Chunk 78
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 than 20% (or 17% if the country complies with international tax transparency
standards; however, Law No. 14,596 (as defined below) changed this threshold from 20% to 17%, as a general matter from 2024 onwards,
as discussed below); (2) grants tax advantages to a non-resident entity or individual (a) without the need to carry out a substantial
economic activity in the country or in the territory, or (b) conditioned upon the non-exercise of a substantial economic activity
in the country or in the territory; (3) does not tax or taxes foreign sourced income at a maximum rate lower than 20% (or 17% if
the country complies with international tax transparency standards; however, Law No. 14,596 (as defined below) changed this threshold
from 20% to 17%, as a general matter since January 2024, as discussed below); or (4) restricts the disclosure of information
related to the ownership of shares, goods and rights, as well as to the information related to the economic transactions carried out.

For the purpose of qualification as a Favorable
Tax Jurisdiction, a regulation issued by the Brazilian tax authorities on November 28, 2014 (Ordinance 488, of 2014) had already
decreased from 20% to 17% the minimum threshold for certain specific cases. The 17% threshold applied only to countries and regimes aligned
with international standards of fiscal transparency in accordance with rules established by the Brazilian tax authorities.

On December 29, 2022, the Brazilian government
published the Provisional Measure No. 1,152, which was converted into Law No. 14,596 on June 15, 2023 (“Law No. 14,596/23”). Specifically in relation to the concepts of Favorable Tax Jurisdictions and “privileged tax
regimes”, Law No. 14,596/23 established a minimum threshold tax rate of 17%, a change from the minimum rate of 20% mentioned
above. As mentioned above, the 17% rate was already adopted as a minimum threshold for countries and regimes that comply with Normative
Instruction No. 1,530, dated December 19, 2014 (“Normative Instruction No. 1,530”). Under these
rules, however, tax authorities could reinstate the 20% threshold at any time. Law No