Brazil’s Federal Tax Revenue Soars to Record-Breaking R$ 203.1 Billion in September
September 2024 marked a historic milestone for Brazil’s federal tax collection. The country’s revenue reached an unprecedented R$ 203.1 billion ($36.3 billion), showcasing a remarkable 11.61% real increase compared to the previous year.
This achievement set a new record for the month since the beginning of data collection in 1995. The Federal Revenue Service reported that the cumulative tax collection for the first nine months of 2024 totaled R$ 1.934 trillion ($345.4 billion).
This figure represents a significant 9.68% real growth, further solidifying the year’s exceptional performance in tax revenue.
When considering only the revenues managed by the Federal Revenue Service, September saw a real increase of 11.95%. This amounted to R$ 196.6 billion ($35.1 billion) in collected taxes.
The year-to-date managed revenues reached R$ 1.841 trillion ($328.8 billion), reflecting a 9.67% real growth. Other federal agencies, including those collecting oil royalties, contributed R$ 6.52 billion ($1.16 billion) to September’s revenue.
This represents a 2.23% real increase compared to the previous year. For the first nine months of 2024, these agencies collected R$ 92.4 billion ($16.5 billion), showing a 9.92% real growth.
Brazil’s Tax Collection Surge in September
The import tax collection stood out as a positive highlight in September. It surged by 44.3% in real terms compared to the same period last year, reaching R$ 9.9 billion ($1.77 billion).
This increase resulted from various factors, including a 20.23% rise in dollar-value imports and a 12.25% increase in the average exchange rate. PIS/Pasep and Cofins taxes also showed impressive growth.
These tributes amounted to R$ 45.684 billion ($8.16 billion), representing a real increase of 18.95%. This growth contributed significantly to the overall positive performance of federal tax collection in September.
Despite the record-breaking revenue, the government forfeited R$ 10 billion ($1.79 billion) in September due to tax exemptions. This amount represents a decrease of R$ 2.3 billion compared to the same period in 2023.
The cumulative tax waivers for the first nine months of 2024 totaled R$ 92.5 billion ($16.52 billion). These figures underscore Brazil‘s robust economic recovery and the effectiveness of its tax collection mechanisms.
The record-breaking September revenue provides a positive outlook for the country’s fiscal health and economic growth prospects for the remainder of 2024.
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