A new tax legislation impacting companies operating in the
hydrocarbons sector came into effect at the beginning of January
2014.
Previously, Law no.7746 on Hydrocarbons, dated July 28 1993
defined VAT-exempted supplies in the hydrocarbon operations to
include services supplied by contractors and subcontractors,
certified as such by the National Agency of Natural Resources,
relating to performance in the stages of both exploration and
development of petroleum operations.
With the recently changes introduced with Law No. 182/2013,
VAT-exempt supply is now set to include services provided by
contractors and subcontractors, certified as such by the National
Agency of Natural Resources, related to performance in the stages
of the exploration only. The Minister of Finance and the Minister
of Energy will jointly define the list of goods and services
related with the exploration, and the excluding procedures.
