Petrobras faces possible $9.8 billion in back taxes

Brazil's state-run oil company Petrobras could be forced to pay 15.5 billion reais ($9.8 billion) in back taxes to the Brazilian government, the Folha de S. Paulo newspaper reported Friday. Petrobras issued a statement later in the day saying it was contesting legal action local tax authorities initiated against it to recover more tax. Brazil's Secretariat of the Federal Revenue is seeking payment of several taxes including more income tax and social contributions.