Brazil's tax revenue totaled 129.615 billion reais (about US$31.690 billion) in July, an increase of 12,8% compared to the same month in 2017 and the best result for the month in seven years, the Federal Revenue Service reported on Thursday.
According to the report of the agency dependent on the Ministry of Finance, it is the eighth consecutive month of increased revenue, indicating a gradual improvement in economic activity.
The July result was influenced by the 28% increase in the collection of the Corporate Income Tax and the Social Contribution on Net Profit, thanks to an improvement in companies.
Year-on-year growth of 8%
From January to July, the collection totaled 843.870 billion reais (US$206.325 billion), that is, it had a growth of 7,74% compared to the same period last year and the best result for the period since 2014.
The entity highlighted in its report that the increase in the year-to-date was benefited, among other factors, by the improvement in macroeconomic indicators that affect tax collection, especially those related to consumption, industrial production and taxable imports.
The exemptions granted by the government to companies resulted in a tax waiver of 30.346 billion reais (US$7.419 billion) between January and July of this year.
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