São Paulo – Federal tax collection in Brazil in August fell to the lowest level for the month in five years, the Federal Revenue Service reported this Friday (18th) according to government news agency Agência Brasil. Tax revenues reached R$ 97.73 billion (US$ 25.3 billion), down 9.32% from August 2014.
Year-to-date through August, tax revenues stood at R$ 805.81 billion (US$ 209.1 billion), down 3.68% from a year ago – another five-year low. The Federal Revenue said the slowdown in Brazilian economic activity was the primary cause of the decline in collection.
*Translated by Gabriel Pomerancblum
