Brazil Feb Tax Revenue Hits BRL64.14B, Up 9.84% Vs '10

BRASILIA (Dow Jones)--Brazil's tax collection continued to rise at a strong pace in February on still-robust economic activity early in the year, the country's federal tax department reported Tuesday.

The government reported revenue rose 9.84% in real terms from February 2010, to 64.14 billion Brazilian reals ($38.63 billion).


According to the tax department, the result was the best on record for the month.
While the result was slightly above market estimates of around BRL63.6 billion, it was down 30.13% from BRL91.07 billion reported in January this year.
The February result brought tax collection for the year to date to BRL149.99 billion, up 14% from the same period last year.
The tax department Tuesday said heated retail sales, rising incomes and growing local profits helped contribute significantly to the result.
According to the latest data, collection of the IPI industrial-products tax on retail goods was up 17.5% in February over the same month last year to BRL774 million, while collection of the IPI on auto sales rose 89.5% to BRL485 million. Additionally, the IPI on imported goods rose 26.3% to BRL960 million.
Alongside tax on sales, personal income-tax collection was up 19.2% during the month to BRL774 million, while collection of corporate income tax rose 19.3% to BRL5.93 billion. Collection of the country's CSLL welfare tax on corporate net profits rose 11.8% to BRl3.36 billion.
In addition to ordinary February tax collection, the tax department Tuesday reported it collected BRL19.24 billion in social security revenue during the month.
Brazil collected a total of BRL826 billion in total tax revenue in 2010, up 9.85% in real terms from 2009.
-By Gerald Jeffris, Dow Jones Newswires; 5561-3335-0832; gerald.jeffris@dowjones.com

Brazil Feb Tax Revenue Hits BRL64.14B, Up 9.84% Vs '10

MARCH 22, 2011, 2:49 P.M. ET