Brasília – Federal tax collection in Brazil reached BRL 148.699 billion (USD 43.4 billion at current exchange rate) in October, the highest amount on record for the month, the Federal Revenue Secretariat said this Thursday (25).
The result was fueled by a program for regularization of undeclared assets held abroad, known as the Repatriation Law. Taxpayers were required to pay 15% in Income Tax and a 15% fine to be able to repatriate the assets.
In October from October 2015, collection went up 33.15%. The repatriation program alone led to BRL 45.069 billion (USD 13.154 billion) being added to government coffers.
Year-to-date tax collection hit BRL 1.059 trillion (USD 309 billion), down 3.47% in real terms from the comparable period of 2015.
*Translated by Gabriel Pomerancblum
