Revenues from Brazilian tax collections continued to lag as of October due to disappointing results of programs designed to raise money from arrears payments. October revenues of R$121.1 billion were down more than 20% from the same month in 2016, the Brazilian Tax Authority said Friday. Revenues in October of 2016 were inflated by inflows of R$48.1 billion from a program designed to repatriate funds held by Brazilians overseas. A similar program this year yielded only R$1.6 billion. Similarly, the government has been counting on a program of installment payments and discounts to clear up domestic tax arrears. That program has yielded some R$16.1 billion so far in 2017, about R$5 billion less than anticipated. Overall tax revenues for the first ten months of the year were R$1.09 trillion, down 0.76%, in inflation-adjusted terms, from the first ten months of 2016.
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