Brasília – Federal tax collection reached BRL 95.779 billion (USD 26.941 billion) in March, down 6.96% from March 2015, inflation discounted. It was the lowest amount for a March since 2010, as per the Extended National Consumer Price Index (IPCA), the Federal Revenue Service reported this Tuesday (19th).
In Q1, federal tax collection reached BRL 313.014 billion (USD 88.047 billion), down 8.19% from Q1 2015, inflation discounted. The amount is also the lowest for a Q1 since 2010.
According to the Federal Revenue Service, slumping economic activity is the main culprit behind dwindling revenues this year, including an 11.8% drop in industrial production, a 10.47% decline in goods and services sales, and a 33.62% reduction in imports denominated in US dollars. Total wages paid were down 0.03% in Q1, bearing down on Social Security revenues.
*Translated by Gabriel Pomerancblum
