Brazil’s government will not raise taxes in 2016 and will “probably” refrain from tax hikes in 2017, Finance Minister Henrique Meirelles said Thursday. The comment came only hours after the release of August tax figures showing a sharp decline in revenues. Meirelles called the fall in revenues temporary, saying an improving economy will boost inflows starting at the end of this year. “We are still on target to meet fiscal goals,” he said. Earlier Thursday, the Brazilian Tax Authority released August figures. They showed revenues of R$91.8 billion, a 10.1 percent inflation-adjusted decline from August of 2015. Year-to-date revenues of R$816.2 billion were down 7.45 percent, in real terms, from the same period in 2015. Revenues have fallen off on a sharp economic downturn and rising unemployment.
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