Tax revenues hit record high in Brazil

Brazil's tax revenues in the January-April period reached a record high of 256.88 billion reais (143.5 billion dollars), a year-on-year growth of 12.5 percent, the country's Federal Revenues Secretariat said Tuesday.

In April, the tax revenues reached a record high of 70.9 billion reais (39.6 billion dollars), up 19.3 percent from March and 16.7 percent from the same period in 2009.

Federal Revenues Secretariat said it was the seventh consecutive record-high result registered in the country.

From January to April, Brazil's industrial production was up 18.3percent, while sales volume was up 16 percent in the period and salaries rose 8.7 percent.

The government attributed the good figures to the recent growth of the Brazilian economy, which has driven down the unemployment rate and boosted consumption.

Moreover, the fall in tax revenues caused by the international financial crisis in 2009 also highlighted the recent increase.

According to Federal Revenue Secretary Otacilio Cartaxo, the increase of tax revenues reflects an upturn of the Brazilian economy.

He believes that the country's GDP will increase 6 percent this year, and despite the impact of the European debt crisis, the country's domestic market will be vigorous enough to sustain tax revenues.

"The tax collection will increase at a sustainable pace," he said.

Source:Xinhua