More than 19,000 Brazilian individuals and companies have adhered to a tax ‘repatriation’ plan for total revenues of R$40.1 billion, the Brazilian Tax Authority said Thursday. The plan lapses next Monday. Meanwhile, other revenues continue to lag severely behind 2015 levels. The tax repatriation plan allows Brazilians with previously undeclared overseas investments to normalize their assets by paying taxes and penalties equal to 30 percent of total holdings. Tax officials said they expect the total to reach about R$50 billion before the program closes out. The money will count toward revenues received in the fourth quarter of 2016. Meanwhile, revenues through September continued to lag severely behind year-ago levels. September tax revenues totaled R$94.8 billion, down 8.3 percent in inflation-adjusted terms from the same month a year ago. Year-to-date revenues were R$912 billion, down 7.5 percent, in real terms, from 2015. Revenues have been hurt by a two-year recession and rising unemployment.
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