The Brazilian federal government raised BRL 178.7 billion (USD 31.8 billion) in taxes and levies during the month of October, according to the Economy Ministry. This was the best result for the month since 2016, and represents a 4.9-percent increase compared to September.
The Federal Revenue Service credits the strong performance to the continuous reopening of the economy following the pandemic downturn. Per Revenue Secretary José Tostes Neto, the results would have been even better if it weren’t for growing tax compensations, which rose 22 percent in October.
Year-to-date tax revenue is up 20 percent in 2021 from last year, when most non-essential businesses shut down for months. So far, BRL 1.5 trillion has been raised in federal taxes and levies alone.