Boosted by the recovery of the economy and the rise in international oil prices, federal revenue reached a record for the month of February. According to data released today (28) by the Federal Revenue, the government collected R$ 148.66 billion last month, with an increase of 5.27% above inflation in values adjusted by the Broad National Consumer Price Index (IPCA).
The value is the highest in history for the month of February since the beginning of the Federal Revenue’s historical series, in 1995, in inflation-adjusted values. In January and February, federal revenue totals R$ 383.99 billion, up 12.92% above IPCA inflation, also a record for the period.
The collection exceeded the forecasts of financial institutions. In the Prisma Fiscal report, a survey released by the Ministry of Economy, market analysts estimated that the amount collected would be BRL 145 billion in February, based on the median criterion (central value around which a given figure fluctuates).
The recovery of the economy is boosting the collection. However, atypical factors and changes in legislation also contributed to the rise.
atypical collections
One of the factors that have boosted the collection in recent months, the atypical collection of Corporate Income Tax (IRPJ) and Social Contribution on Net Income (CSLL), was not repeated in February. In the same month of last year, an atypical payment of R$ 5 billion in IRPJ and CSLL had been recorded, a fact that was not repeated this year.
Even without the reinforcement in February, atypical collections continue to boost collection in the first two months. In January and February, this type of revenue totals R$ 12 billion, against R$ 6.5 billion in the same period last year.
Throughout 2021, these out-of-season collections boosted collections because of companies that posted higher-than-expected profits and had to pay the difference. Due to tax secrecy, the IRS cannot inform the name and activity of these large companies.
The increase in the IOF, which entered into force at the end of November to finance Auxílio Brasil, also helped to improve collection. IOF collection increased by R$945 million, 26.28% above inflation in February compared to the same month in 2021.
taxes
In the division by taxes, the highest increases in February – in relation to the same month of 2021 – were recorded in the collection of the Social Integration Program (PIS) and the Contribution to the Financing of Social Security (Cofins), an increase of R$ 2 billion (6.68%) above inflation by the IPCA. According to the Federal Revenue, the performance of the financial sector and the increase in fuel prices boosted revenue. The February data do not yet reflect the reduction to zero of PIS/Cofins on diesel, cooking gas and aviation kerosene, which will be in effect until the end of the year.
Next, the biggest rises come from the Withholding Income Tax on capital income, whose income jumped R$ 1.84 billion (57.77% above inflation), thanks to the improvement in the returns of funds and income bonds fixed. In third place is the Social Security collection, with a rise of R$ 1.31 billion (3.3%) above inflation, influenced by the improvement in formal employment. The IOF is in fourth place.
Petroleum
The biggest jump in revenue occurred with revenues managed by other bodies, which totaled R$ 6.07 billion and rose 79.77% above the IPCA in relation to February last year. The main explanation was the appreciation of oil in the international market, caused by the conflict between Russia and Ukraine. In 2022, the collection of oil royalties totals R$ 19.55 billion, up 71.2% above the official IPCA inflation compared to the first two months of last year.
