The systematic decline in Brazilian tax revenues may have finally ended. The Brazilian Tax Authority on Wednesday released first half figures showing revenues of R$648.6 billion, representing a 0.77% inflation-adjusted rise over the first half of 2016. It was the first real year-on-year increase in revenues since 2014. June revenues of R$104.1 billion were up 3.0% in inflation-adjusted terms from June of 2016. Brazilian tax revenues suffered in 2015 and 2016 from a steep recession. This year, the economy has shown signs of a recovery, helping to boost tax revenues. First-half gains were bolstered by rising revenues from taxes over industrialized products. Royalties from oil drilling also rose as did social security tax revenues, the government said.
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