In November 2024, Brazil’s federal tax revenue reached R$ 209.218 billion (approximately $33.74 billion), reflecting an impressive real growth of 11.21% compared to the same month last year. This achievement marks the second-highest tax collection for November since records began in 1995, significantly contributing to a record-setting total for the year-to-date revenue. During the period from January to November 2024, Brazil’s tax revenues accumulated to R$ 2.391 trillion (about $385.65 billion), which indicates a real increase of 9.8% relative to the same timeframe in 2023.
Notably, revenues managed by the Federal Revenue Service saw an even more substantial rise, with a real growth of 12.26% for November alone, amounting to R$ 203.093 billion (around $32.76 billion). For the year to date, these managed revenues reached R$ 2.270 trillion (approximately $366.13 billion), denoting a 9.82% real increase. The Brazilian tax authority observed that the November figures did not suffer from any unusual influences; however, the cumulative totals for 2024 were impacted by exceptional occurrences. One such event was the taxation of exclusive funds, which bolstered the federal coffers by R$ 13 billion (about $2.10 billion).
While overall revenues climbed, certain sectors did experience declines. In particular, revenues from other federal entities, including oil royalties, faced a substantial real decline of 15.23% in November, culminating in a total of R$ 6.125 billion (approximately $0.99 billion).
Furthermore, the government’s ongoing tax exemption policies led to a significant revenue loss amounting to R$ 112.881 billion (around $18.21 billion) between January and November 2024, which is a decrease of R$ 14.312 billion (approximately $2.31 billion) compared to the same period in the previous year.
