Brazil's tax collection drops in June
Taxes collected in Brazil reached $188 billion in the first half of 2016, down 7.33% compared with the same period last year, with inflation adjustment. The figures were disclosed today (Jul. 28) by the Brazilian Internal Revenue Service (IRS).
In June, tax revenue stood at $29.8 billion. The total amount reports a real decrease of 7.14% compared with the same month in 2015. It was the worst result for the month since 2010.
According to the IRS, the negative result of revenue was mainly caused by the Brazilian economic performance. Among the main factors for falls in June is the drop of 8.45% in taxes known as COFINS and PIS / PASEP, which are both social taxes paid by companies and are mainly used to finance funds for insurance for unemployment. There was also a reduction of 28.38% in taxes collected in imports.
In the case of social security tax revenues, revenues reported a real decrease of 3.14% in the period. Another cause for the fall in June is the drop of 7.58% in income tax revenue collected from enterprises.
Translated by Amarílis Anchieta
Fonte: Brazil's tax collection drops in June
