Brazilian tax revenues in 2016 reached R$1.289 trillion, a decline of 1.2 percent, in inflation-adjusted terms, from 2015, the National Tax Authority said Friday. Revenues were down because of a steep decline in overall economic activity. Officials noted, however, that fourth-quarter revenues posted gains, pointing to a possible overall recovery in revenues this year. Brazil’s economy is expected to stage a modest recovery in 2017. Meanwhile, the government has been systematically scaling back on tax incentives. Both factors should contribute to a recovery in revenues in 2017.
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