Tax revenues fell almost 10% in August and reach lowest level in five years
The economy's poor performance was responsible for the drop in federal tax revenues in August that reached its lowest level in five years. According to figures released on Friday (Sep. 18) by the IRS (Receita Federal), the collection reached $24.02 billion last month, with real drop (official inflation considered) of 9.32% compared with August last year. The amount is also the lowest for the period since 2010.
The year-to-date tax revenues also fell. From January to August, the government collected $206.5 billion, 3.68% lower compared with the same period 2014. The amount is also the lowest recorded for the period since 2010.
According to the IRS, the year-to-date reduction of 6.18% in industrial production decreased 7.08% in revenues for the first eight months of the year. The exemptions granted in recent years have also affected tax revenues, creating an impact of $18.3 billion in government cash for the first eight months of the year.
Translated by Amarílis Anchieta
Fonte: Tax revenues fell almost 10% in August and reach lowest level in five years
