Tax collection falls in March in Brazil

25th April, 2019 10:49:51 printer

BRASILIA: Brazil posted tax revenue of 109.854 billion reals (27.95 billion U.S. dollars) in March, a drop of 0.58 percent, after discounting inflation compared to the same period in 2018, a report issued by the Department of Federal Revenue of Brazil said Wednesday.

The amount was below the market's average expectation of 115 billion reals (29.26 billion dollars), according to the Ministry of Economy, reports Xinhua.

In the January-March period, 385.341 billion reals (98.05 billion dollars) were collected, an actural growth of 1.09 percent, according to a report.

The lower growth in tax collection is partly attributed to the tax reduction on diesel, whose share began to decrease in June 2018.