The Union’s collection of taxes and other revenues reached a record for the month of September, reaching R$ 203.17 billion, according to data released this Tuesday (22) by the Federal Revenue Service. Compared to September 2023, the result represents a real increase of 11.61%, that is, discounting inflation, in values corrected by the Broad National Consumer Price Index (IPCA).
It is also the best revenue performance for the period from January to September. During the period, revenue reached R$1.93 trillion, representing an increase, corrected by the IPCA, of 9.68%.
Data on collections are available on the Federal Revenue website.
As for the revenues managed by the agency, the amount collected last month was R$196.64 billion, representing a real increase of 11.95%. Year-to-date, Federal Revenue collections reached R$1.84 trillion, a real increase of 9.67%.
“We see in the collection performance in September, compared to last year, a very significant growth, explained in part by macroeconomic indicators. In other words, economic activity is what is boosting the revenue result”, explained the head of the Center for Tax and Customs Studies at the Federal Revenue, Claudemir Malaquias.
There was also extra collection in the month of September, due to the calamity situation that occurred in Rio Grande do Sul, due to the extension of deadlines for tax collection in some municipalities in Rio Grande do Sul. The state was hit by floods in April and May, the worst climate disaster in its history, with the destruction of structures and impact on families and businesses.
Furthermore, atypically, the year-to-date results were influenced by the taxation of exclusive funds, updating of assets and rights abroad and the return of taxation under the Social Integration Program/Contribution for Social Security Financing (PIS/Cofins) on fuels.
“Without considering atypical payments, there would be a real growth of 7.22% in collections for the accumulated period and 8.64% in collections for the month of September”, informed the Federal Revenue Service.
Atypical factors
In September, there was extra revenue of R$3.7 billion due to the extension of deadlines for tax collection in some municipalities in Rio Grande do Sul. Social security contributions due in April, May and June of this year were postponed to July, August and September, respectively.
The reinstatement of PIS/Pasep (Social Integration Program/Public Servant Assets Formation Program) rates on fuels contributed to avoiding loss of revenue. In September 2023, the relief from these taxes was R$2 billion. From January to September 2023, the Union failed to collect R$27.25 billion from this exemption.
But in September 2023 there was extra revenue of R$47 billion from the crude oil export tax, which was not there in the same month this year. In the year to date 2024, the loss of revenue from this item reached R$4.44 billion in the export tax on crude oil, which was part of this aggregation in 2023.
Contributing to improving collection, in the year to date, there was an extra collection of R$ 13 billion in Income Tax Withheld at Source – Capital Income, referring to the taxation of exclusive funds, which did not occur in 2023. As a result, from January In September, revenue from this item increased by 18.71% compared to the same period in 2023, reaching R$100.93 billion. The law that changes the Income Tax levied on closed-end investment funds and on income obtained abroad through offshore companies was sanctioned in December last year.
Based on the same offshore law, individuals who live in Brazil and maintain financial investments, profits and dividends from companies controlled abroad, had until May 31st to update their assets and rights abroad. With regularization alone, R$7.67 billion were raised. In total, in the year to date, Personal Income Tax collected R$56.92 billion, with real growth of 17.81%.
Other highlights
Also highlighted in September’s collection were PIS/Pasep and Cofins, which together presented a collection of R$45.68 billion last month, representing real growth of 18.95%. Year-to-date, PIS/Pasep and Cofins raised R$395.29 billion. The performance is explained, among other aspects, by the return of taxes on fuels and by productive activity, with an increase in the sale of goods and services.
Last month, there was an increase in Corporate Income Tax (IRPJ) and Social Contribution on Net Profit (CSLL) payments, which affect company profits and reflect the positive impact of economic activity. Collection totaled R$28.01 billion, with real growth of 6.4% over the same month in 2023. Year-to-date, the increase was 1.07%, with revenue reaching R$376.34 billion.
Social Security Revenue totaled R$54.49 billion in September, with real growth of 6.29%. This result is due to the real increase of 7.28% in the wage bill, the postponement of payment to municipalities in Rio Grande do Sul, in addition to the 12.62% growth in the amount of tax compensations with social security revenue debts, in September 2024 in relation to the same month of the previous year.
In the year to date, Social Security Revenue had a real increase of 5.72%, reaching R$482.69 billion.
Macroeconomic indicators
The Federal Revenue also presented the main macroeconomic indicators that help explain the collection performance in the month, all of which were positive.
Among them are the growth in the sale of goods and services, respectively, by 3.05% and 1.75% in August (generating factor for September’s revenue) and an increase of 3.95% and 2.26% between December 2023 and August 2024 (generating factor for year-to-date revenue).
Industrial production also rose 1.68% last August and 2.6% in the accumulated period. The dollar value of imports, linked to industrial performance, increased by 20.23% in August this year and 7.97% between December 2023 and August this year.
There was also growth of 11.82% in the wage bill in August and 11.79% in the accumulated result for the month.
