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Note 8 - Recoverable Taxes
00907 - Disclosure - Note 8 - Recoverable Taxes
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<p style="TEXT-ALIGN: left"><b><font size="2">8. Recoverable Taxes</font></b></p>
<p style="TEXT-ALIGN: left"><font size="2">Recoverable taxes are as follows:</font></p>
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<table style="FONT-SIZE: 7pt; WIDTH: 100%; FONT-FAMILY: 'Arial'" cellspacing="0" border="0">
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<td style="BORDER-BOTTOM: #000000 1px solid" align="right"><b><font size="2"><b><font size="2">September 30,</font></b> 2010</font></b></td>
<td> </td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="right"><b><font size="2"><b><font size="2">December 31,</font></b> 2009</font></b></td>
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<td align="left"><font size="2">Local:</font></td>
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<td style="TEXT-INDENT: 11px" align="left"><font size="2">Domestic value-added tax (ICMS) </font><b><font size="2">(1)</font></b></td>
<td> </td>
<td align="right"><b><font size="2">3,172</font></b></td>
<td> </td>
<td align="right"><font size="2">2,816</font></td>
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<td style="TEXT-INDENT: 11px" align="left"><font size="2">PASEP/COFINS </font><b><font size="2">(2)</font></b></td>
<td> </td>
<td align="right"><b><font size="2">6,319</font></b></td>
<td> </td>
<td align="right"><font size="2">4,858</font></td>
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<td style="TEXT-INDENT: 11px" align="left"><font size="2">Income tax and social contribution</font></td>
<td> </td>
<td align="right"><b><font size="2">1,064</font></b></td>
<td> </td>
<td align="right"><font size="2">1,315</font></td>
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<td style="TEXT-INDENT: 11px" align="left"><font size="2">Foreign value-added tax (IVA)</font></td>
<td> </td>
<td align="right"><b><font size="2">35</font></b></td>
<td> </td>
<td align="right"><font size="2">42</font></td>
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<td style="TEXT-INDENT: 11px" align="left"><font size="2">Other recoverable taxes</font></td>
<td> </td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="right"><b><font size="2">490</font></b></td>
<td> </td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="right"><font size="2">371</font></td>
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<td style="BORDER-BOTTOM: #000000 3px double" align="right"><b><font size="2">11,080</font></b></td>
<td> </td>
<td style="BORDER-BOTTOM: #000000 3px double" align="right"><font size="2">9,402</font></td>
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<td colspan="5"> </td>
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<td align="left"><font size="2">Less: Long-term recoverable taxes</font></td>
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<td style="BORDER-BOTTOM: #000000 1px solid" align="right"><b><font size="2">(6,315)</font></b></td>
<td> </td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="right"><font size="2">(5,462)</font></td>
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<td align="left"><font size="2">Current recoverable taxes</font></td>
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<td style="BORDER-BOTTOM: #000000 1px solid" align="right"><b><font size="2">4,765</font></b></td>
<td> </td>
<td style="BORDER-BOTTOM: #000000 1px solid" align="right"><font size="2">3,940</font></td>
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</div>
<p style="MARGIN: 0px"> </p>
<p style="TEXT-ALIGN: justify"><b><font size="2">(1) </font></b><font size="2">Domestic value-added sales tax (ICMS) is composed of credits generated by commercial operations and by the acquisition of property, plant and equipment and can be offset against taxes of the same nature.</font></p>
<p style="TEXT-ALIGN: justify"><b><font size="2">(2) </font></b><font size="2">Composed of credits arising from non-cumulative collection of PASEP and COFINS, which can be compensated with other federal taxes payable.</font></p>
<p style="TEXT-ALIGN: justify"><font size="2">The recoverable income tax and social contribution will be offset against future income taxes payable.</font></p>
<p style="TEXT-ALIGN: justify"><font size="2">Petrobras plans to fully recover these taxes, and as such, no allowance has been provided.</font></p>
8. Recoverable Taxes
Recoverable taxes are as follows:
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