By Lise Alves, Senior Contributing Reporter
SÃO PAULO, BRAZIL – The slowdown of Brazil’s economy this year has deeply affected the government’s tax revenues and federal contributions. In October, according to Brazil’s Federal Revenue Office revenues from taxes and federal contribution totaled R$103.53 billion, the lowest value for the month since 2009.
According to the government agency, corporate income tax and tax over net profits were two of the main factors to explain the decline in revenues. With consumer sales declining steadily the volume of cashflow for corporations in Brazil has declined substantially.
In comparison . . .