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Petrobras says Q2 earnings could be boosted by up to 4.4 bln reais on tax recalculation

RIO DE JANEIRO, May 20 (Reuters) - Brazil’s state-run Petrobras said on Thursday its second quarter earnings could be boosted by up to 4.4 billion reais ($835 million) due to recalculated ICMS tax payments on company social contributions going back to 2001.

Petroleo Brasileiro SA, as the company is formally known, said in a securities filing it expects to take advantage of the windfall by offsetting it against federal taxes, in accordance with the necessary regulatory procedures.

$1 = 5.2750 reais Reporting by Jamie McGeever Editing by Chris Reese

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