Brazilian tax revenues declined even more sharply in November than in previous months, falling 17.3% against the same month of 2014, the Brazilian Tax Authority said Wednesday. Revenues were R$95.5 billion. It was the eighth month in a row for falling revenues. Year-to-date revenues of R$1.1 trillion were down 5.8% against the first 11 months of 2014. Revenues are down because of a broad economic slowdown that has reduced retail sales and corporate profits while cutting jobs and real incomes.
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