BRASILIA, July 21 (Reuters) – Brazil’s federal tax revenue in June rose 17.96% year-on-year to a record level, official figures showed on Thursday, boosted by increases in corporate income taxes and oil royalties.
According to the revenue service, federal tax revenue was 181.04 billion reais ($33.14 billion), the highest June figure since the data series began in 1995.
It follows on from records each month since the start of the year.
Register now for FREE unlimited access to Reuters.com
The government said corporate income tax had risen by 37.47% following increased contributions from the fuel and retail sectors.
Monetary tightening as the central bank seeks to curb inflation has raised the yields of fixed-income investments and, as a result, taxes on capital income jumped by 97.42% versus June 2021, the revenue service said.
Higher oil royalties, in line with increases on international oil markets, also drove the record gain.
In the first half, tax revenues grew 11% in real terms over the same period last year.
Economy Minister Paulo Guedes has said that the economy’s strength has guided the record numbers, giving the government confidence to cut taxes and increase income transfers to the poorest without compromising the fiscal result. read more
The Brazilian Congress earlier this month approved a government-backed spending package ahead of elections in October, seen as fundamental to improving the popularity of President Jair Bolsonaro, who seeks re-election but is trailing in opinion polls. read more
Some analysts say non-recurring factors have boosted the tax revenues, such as double-digit inflation and higher commodities prices amid the war in Ukraine.
($1 = 5.4623 reais)
Register now for FREE unlimited access to Reuters.com
Reporting by Marcela Ayres; editing by Barbara Lewis
Our Standards: The Thomson Reuters Trust Principles.
Brazil’s federal tax revenue grows 17.96% for record June & More Latest News Update
Brazil’s federal tax revenue grows 17.96% for record June & More Live News
All this news that I have made and shared for you people, you will like it very much and in it we keep bringing topics for you people like every time so that you keep getting news information like trending topics and you It is our goal to be able to get
all kinds of news without going through us so that we can reach you the latest and best news for free so that you can move ahead further by getting the information of that news together with you. Later on, we will continue
to give information about more today world news update types of latest news through posts on our website so that you always keep moving forward in that news and whatever kind of information will be there, it will definitely be conveyed to you people.
Brazil’s federal tax revenue grows 17.96% for record June & More News Today
All this news that I have brought up to you or will be the most different and best news that you people are not going to get anywhere, along with the information Trending News, Breaking News, Health News, Science News, Sports News, Entertainment News, Technology News, Business News, World News of this news, you can get other types of news along with your country and city. You will be able to get information related to, as well as you will be able to get information about what is going on around you through us for free
so that you can make yourself a knowledgeable by getting complete information about your country and state and information about news. Whatever is being given through us, I have tried to bring it to you through other websites, which you may like
very much and if you like all this news, then definitely around you. Along with the people of India, keep sharing such news necessary to your loved ones, let all the news influence them and they can move forward two steps further.
Credit Goes To News Website – This Original Content Owner News Website . This Is Not My Content So If You Want To Read Original Content You Can Follow Below Links