Economy

Brazil’s federal tax revenue totals BRL 215.6 bi in October

The index shows a real increase of 0.1%

Andreia Verdélio

Published on 27/11/2023 - 15:10

Brasília

Dinheiro, Real Moeda brasileira
Foto:José Cruz/Agência Brasil/Arquivo — © José Cruz/Agência Brasil/Arquivo

Brazil’s tax and other revenue collection rose slightly to BRL 215.60 billion in October, as per data released Monday (Nov. 27) by the country’s Federal Revenue Service. The result represents a real increase of 0.1 percent from October 2022.

From January to October, tax collection reached BRL 1.9 trillion—a real decrease of 0.68 percent against the first ten months of last year.

The results were influenced by changes in tax legislation and atypical payments in both 2022 and 2023, especially Corporate Income Tax (IRPJ) and Social Contribution on Net Income (CSLL), which is levied on company profits. Both are said to be key indicators of economic activity, chiefly in the productive sector.

Exemptions from the Tax on Industrialized Products (IPI) and the Social Integration Program/Social Security Financing Contribution (PIS/Cofins) on fuels also influenced the result.