Special Report:Global Financial Crisis
RIO DE JANEIRO, Nov. 19 (Xinhua) -- Tax collections in Brazil reached 65.4 billion reais (27.7 billion U.S. dollars) in October, up 17.1 percent from September and 12.3 percent from the same period a year ago, according to government statistics released Wednesday.
In the first 10 months of 2008, accumulated tax collections in Brazil amounted to 564.7 billion reais (239.2 billion U.S. dollars), up 10.3 percent from the same period last year.
The collection of taxes administrated by the Internal Revenue Service (IRS) totaled 60.4 billion reais in October, up 10.8 percent from September and 9.63 percent from October 2007.
According to the IRS, the effects of the international financial crisis could not yet be seen in October's tax collections. Such effects will only be clearly visible in 2009. The institution attributed the rise in collections to increased profits by Brazilian companies.
Despite the reduction of credit in October, the amount from the Tax over Financial Operations (IOF) reached 1.7 billion reais (720million U.S. dollars), up 142 percent compared to October 2007.
