Brazil sees record high federal tax revenue in Q1

Brasilia, April 26 (IANS) Brazil collected a record 581.8 billion reals ($115 billion) in taxes in the first quarter of the year, a real increase (adjusted for inflation) of 0.72 per cent year on year, the Federal Revenue of Brazil said.

The amount was the highest registered since record keeping began in the country in 1995, reports Xinhua news agency.

In March, tax revenue amounted to 171.1 billion reals, a real drop of 0.42 per cent compared to the same month last year, the Federal Revenue said in a report.

Despite the drop, the figure was still the second highest for the month of March since 1995, only second to March 2022.

According to the Federal Revenue of Brazil, the country's high interest rates and rise in wages both served to raise income tax revenues.

However, tax exemptions for industry and fuels impacted collection, the agency said, noting that without those tax breaks, real growth in revenue would have hit 6.26 per cent in the first quarter and 5.24 per cent in March.

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