Brazil’s Tax Revenue Soars: Second-Highest November Collection in History

Brazil’s federal tax revenue hit R$ 209.218 billion ($33.74 billion) in November 2024, marking an 11.21% real growth compared to the previous year.

This figure represents the second-highest November collection in Brazil‘s historical records since 1995. The robust performance contributed to a record-breaking year-to-date collection.

From January to November 2024, Brazil’s tax revenue reached R$ 2.391 trillion ($385.65 billion), showing a real increase of 9.8% compared to the same period in 2023.

Revenues administered by the Federal Revenue Service saw a real increase of 12.26% in November, totaling R$ 203.093 billion ($32.76 billion). The year-to-date figure for these administered revenues stood at R$ 2.270 trillion ($366.13 billion), a 9.82% real increase.

The tax authority noted that November 2024 did not experience any atypical factors affecting administered revenues. However, the cumulative 2024 figures were impacted by non-recurring events.

One such event was the taxation of exclusive funds, which added R$ 13 billion ($2.10 billion) to the coffers. Despite the overall increase, some sectors experienced reductions.

Revenue from other federal agencies, including oil royalties, dropped by 15.23% in real terms in November. It totaled R$ 6.125 billion ($0.99 billion).

The government’s tax exemption policies resulted in a revenue loss of R$ 112.881 billion ($18.21 billion) from January to November 2024. This figure represents a decrease of R$ 14.312 billion ($2.31 billion) compared to the same period in 2023.

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