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Brazil's tax revenue hits record high

BRASILIA
2022-12-22 09:56

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BRASILIA, Dec. 21 (Xinhua) -- Brazil's tax revenue reached over 2 trillion reals (about 385 billion U.S. dollars) in the 11-month period from January to November 2022, a record high since record keeping began in 1995, according to data released Wednesday by the Federal Revenue Secretariat.

The figure is 8.8 percent higher compared to the same period last year, showing real growth in all months compared to 2021.

In November alone, Brazil collected more than 172 billion reals (about 33 billion dollars) in taxes, the highest monthly collection since 2013 and a real increase (adjusted for inflation) of 3.25 percent year on year.

Claudemir Malaquias, head of the secretariat's Tax and Customs Study Center, told local media that 2023 might also see an unexpected increase in revenue.

"There was atypical and unexpected revenue in certain segments, including the oil extraction and refining sector, and mineral raw materials," he said.
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