Published Thursday, 22 October, 12:14 p.m. ET · Source: Receita Federal
Key Facts
—The number. Federal revenue was R$239.4 billion (US$47.5 billion) in September.
—What changed. Up 5.6% on September 2025 after inflation, a record for the month.
—Year to date. R$2.351 trillion (US$466 billion) since January, up 7.0% after inflation.
—Why. Pension contributions, PIS/Cofins, capital-income tax and company taxes grew most.
—Not yet known. How much of September came from one-off payments other than the oil export tax.
—Power Index Brazil ranks 1st of 14 in The Rio Times Latin America Power Index, with 75.0 points (October 2026 edition).
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Brazil’s federal government collected R$239.4 billion (about US$47.5 billion) in taxes and other federal revenue in September, the most for any September on record. Receita Federal, the national tax authority, said on Thursday that the total was 5.62% higher than a year earlier after adjusting for inflation.
The figure is a fresh sign that the Brazil economy is pulling in more money for the state. Receita presented the numbers at a press conference in Brasília at 10:00 a.m. ET, with Claudemir Malaquias, head of its tax and customs studies centre, among the speakers.
Sources: Banco Central do Brasil (Selic, Focus survey, PTAX), IBGE (IPCA), EODHD (market quotes). Checked Oct 22, 16:30 UTC.
What Receita Reported
- September 2025 comparison: the previous September record was R$216.7 billion (about US$43 billion), so the nominal total rose by about 10.5%.
- Taxes run by Receita: R$231.4 billion (US$45.9 billion), up 5.03% after inflation; the rest comes from other federal revenue.
- January to September: R$2.351 trillion (US$466 billion), up 6.97% after inflation and the highest nine-month total on record.
- Receita-run taxes, nine months: R$2.250 trillion (US$446 billion), up 6.89% after inflation.
All growth rates use the IPCA, Brazil’s official consumer price index, to remove inflation. The nominal September 2025 figure is the one Receita published a year ago; the dollar values here use R$5.04 per US$1, the spot rate from EODHD on 22 October.
In Plain English
- Receita Federal: Brazil’s equivalent of the IRS and US customs combined.
- Real terms: growth after subtracting inflation.
- PIS/Cofins: federal taxes on company sales, similar to a national sales tax.
- IRRF: tax withheld at source on investment income such as interest and dividends.
- IRPJ/CSLL: federal income tax and a social levy on company profits.
What Drove the Increase
Receita said the rise came mainly from pension contributions, PIS/Cofins, tax withheld on capital income, and company income taxes. It also listed an export tax on crude oil among the contributors, and described that tax as non-recurring.
Pension contributions brought in R$64.6 billion (US$12.8 billion) in September, up 6.18% after inflation. For January to September they total R$575.9 billion (US$114 billion), up 5.16%.
The oil export tax brought in R$2.94 billion (US$0.58 billion) in September and R$12.87 billion (US$2.55 billion) from January to September. Because Receita treats it as a one-off, the underlying trend is slightly weaker than the headline.
Tax withheld on capital income brought in R$12.06 billion (US$2.4 billion) in September. Over nine months it reached R$131.15 billion (US$26 billion), up 17.57%.
Import taxes rose 21.07% after inflation to R$13.3 billion (US$2.6 billion), which Receita linked to higher import volumes and higher effective tariff rates. Company income taxes (IRPJ/CSLL) total R$444.2 billion (US$88 billion) so far this year, up 5.76%, and PIS/Cofins R$466.55 billion (US$93 billion), up 4.1%.
Live Market IntelligenceBrazil — Live Market Board
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Brazil — Live Market Board
-1.56%
203,276.70
-1.56%
70,249.54
+1.43%
10,792.54
-1.76%
3,017,221
—
2,524.78
-1.39%
59,561.23
-1.85%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 203,276.70 | -1.56% | +21.85% | 206,495.23 | 168,310 | 167,142 | — |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
| SELIC | 14.00% | — | — | — | — | — | |
| PETR4 | 41.64 | -0.05% | +35.19% | 41.66 | 41.97 | 41.15 | 41,499,400 |
| VALE3 | 72.97 | +0.83% | +30.75% | 72.37 | 73.54 | 72.66 | 17,658,000 |
| ITUB4 | 38.60 | -1.03% | +4.57% | 39.00 | 39.34 | 38.39 | 29,487,800 |
| BBDC4 | 16.85 | +0.36% | +3.50% | 16.79 | 16.90 | 16.67 | 19,416,900 |
| BBAS3 | 19.37 | +0.47% | +0.73% | 19.28 | 19.44 | 19.16 | 11,069,200 |
| B3SA3 | 14.26 | -0.21% | +12.73% | 14.29 | 14.47 | 14.11 | 33,037,800 |
| ABEV3 | 14.89 | -0.80% | +21.91% | 15.01 | 15.07 | 14.81 | 16,453,100 |
| WEGE3 | 47.59 | +0.49% | +29.99% | 47.36 | 48.08 | 47.36 | 3,364,600 |
| PRIO3 | 59.14 | -0.19% | +50.67% | 59.25 | 59.81 | 58.74 | 3,325,600 |
| SUZB3 | 41.33 | +2.35% | -23.55% | 40.38 | 41.48 | 40.35 | 3,914,900 |
| RENT3 | 34.68 | -0.09% | +0.84% | 34.71 | 34.96 | 34.35 | 7,979,100 |
| AZZA3 | 15.89 | -2.63% | -53.76% | 16.32 | 16.42 | 15.82 | 1,330,300 |
| CSNA3 | 4.30 | +0.47% | -42.65% | 4.28 | 4.41 | 4.26 | 10,076,100 |
| GGBR4 | 24.69 | +2.19% | +51.38% | 24.16 | 24.85 | 24.18 | 7,047,600 |
| ENEV3 | 24.21 | -1.38% | +70.49% | 24.55 | 24.64 | 23.99 | 9,297,000 |
What It Means for US Readers
For investors who hold Brazilian ADRs such as Petrobras (PBR), Vale (VALE), Itaú (ITUB) and Nubank (NU), or the iShares MSCI Brazil ETF (EWZ), strong revenue gives the government more room to meet its budget goals. Markets watch this closely because the state’s borrowing costs feed into the Brazil stock market and the real.
Our August primary deficit report covers where the budget stood before these figures, and the real-to-dollar guide explains how the exchange rate moves the dollar value of every number above. Higher import taxes could also matter to US exporters selling into Brazil, since they add to what Brazilian buyers pay at the border.
What Is Not Known
Receita counts the oil export tax as a one-off, but we have not seen a full list of other non-recurring payments. That makes it hard to say how much of the record will repeat.
It is also unclear how the presidential runoff on Sunday 25 October will change tax policy, because the Brazilian electoral authority, the TSE, only announces the winner after the vote.
Sources
Receita Federal, September collection briefing · Agência Brasil · CNN Brasil · O Povo · Poder360 (September 2025 total)
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
Frequently Asked Questions
How much did Brazil’s government collect in taxes in September?
Federal revenue was R$239.4 billion (about US$47.5 billion) in September 2026. That is 5.62% more than in September 2025 after inflation, the highest September in the historical series.
What is Receita Federal?
Receita Federal is Brazil’s federal tax and customs authority, part of the Finance Ministry. It publishes monthly collection figures, which investors use to judge the health of public finances.
What does “real growth” mean here?
It means growth after removing inflation, measured with the IPCA consumer price index. A 5.62% real rise means revenue grew faster than prices, so it is not just the effect of higher prices.
Does record tax revenue mean Brazil’s budget problem is solved?
No. Revenue is only one side of the budget, and spending and debt also matter. Our August primary deficit report shows where the budget stood before these figures.