Karoon Energy (ASX:KAR) has announced that the Brazilian government will be levying a 9.2% tax on oil exports for the next four months, from March 1 to June 30, 2023.
The tax is expected to be deductible for corporate income tax purposes and Karoon estimates that this could result in the potential payment of US$22-35M (US$15-23M post-tax) over the term, depending on the volume of crude oil exported and realised oil prices.
Karoon Energy is an international oil and gas exploration and production company with assets in Brazil and Australia.
The company's share price went down 8% on the news.