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Brazil's April Tax Receipts BRR19.83B, Up 8.5% On Yr By:
Unknown Author
Brasilia -- Brazil's tax receipts rose 8.54% in real terms in April from year earlier results on back tax collection from pension funds and additional revenues from the recently established fuel tax, known as Cide, officials from the tax department said Monday. Brazil reported April revenues of 19.83 billion reals ($1=BRR2.493), compared to BRR18.27 billion during the same period last year. The result during the month was up 13.9% from March collection of BRR17.40 billion. "We had unexpected payments from one large pension fund that initially had indicated it wouldn't participate in the tax recovery program," explained Assistant Tax Secretary Ricardo Pinheiro. The government collected a total of BRR1.20 billion in back taxes from pension funds during the month, bringing the year-to-date total in back taxes collected from the fund to BRR5.29 billion. The tax department hopes to collect at least BRR7 billion in additional taxes this year under a Supreme Court decision requiring pension funds to pay income taxes. Aside from revenues from the funds, the government collected approximately BRR700 million in additional from the Cide tax on petroleum-based fuels. Tax department officials said April collection also benefitted from BRR320 million in advance tax payments from companies' presumed profits. The April federal tax collection brought year-to-date tax revenues to BRR77.30 billion. The government hopes to collect at least BRR210 billion in taxes this year to post a primary budget surplus of 3.5% of gross domestic product. FAIR USE NOTICE: This page contains copyrighted material the use of which has not been specifically authorized by the copyright owner. Global Action on Aging distributes this material without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. We believe this constitutes a fair use of any such copyrighted material as provided for in 17 U.S.C § 107. If you wish to use copyrighted material from this site for purposes of your own that go beyond fair use, you must obtain permission from the copyright owner.
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