Brasilia: Brazil collected a record 2.218 trillion reals ($429 billion) in taxes in 2022, the highest since record keeping started in 1995, the country’s tax administration agency said.
The figure represents a real increase, discounting inflation, of 8.18 per cent compared to 2021, Xinhua news agency quoted the Federal Revenue of Brazil (RFB) as saying.
Tax revenue rose despite the fact that the RFB forewent some 120.45 billion reals in tax collection due to tax breaks provided by the government, said the RFB.
Among the factors that drove the growth in collection were the higher prices for fuel, minerals and food.
Brazilian economy’s approximately 3 per cent 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 per cent 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.