Mon, 30 Jan 2023

Brazil sees record-high tax collection in 2022

Xinhua
25 Jan 2023, 08:18 GMT+10

BRASILIA, Jan. 24 (Xinhua) -- Brazil collected a record 2.218 trillion reals (429 billion U.S. dollars) in taxes in 2022, the most since records started being kept in 1995, the Federal Revenue of Brazil (RFB), the tax administration agency, said Tuesday.

The figure represents a real increase, discounting inflation, of 8.18 percent compared to 2021.

Tax revenue rose despite the fact that the RFB forewent some 120.45 billion reals (23.3 billion U.S. dollars) in tax collection due to tax breaks provided by the government, said the agency.

Among the factors that drove the growth in collection were the higher prices for fuel, minerals and food.

Brazilian economy's approximately 3 percent growth in 2022 also helped boost revenue, according to financial market analysts.

Tax collection set a monthly record in December 2022, registering a real increase of 2.47 percent compared to the same month in 2021.

Inflation-adjusted figures showed December's revenue collection was the best since those records started being kept in 2007.

Brazil's tax collection saw real growth in every month of 2022 compared to 2021.

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