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Federal tax receipts fall 30% in first full month of the pandemic

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The economic crisis caused by the pandemic has already lowered federal revenues significantly. Net receipts of taxes directly managed by the Secretariat of Federal Revenue (which exclude Social Security dues) dropped 28% in nominal terms and 30% in real ones compared with April 2019, according to preliminary data obtained by Valor.

April receipts are expected to drop even further because available data have not included yet the effects of postponing Social Security dues on employers or receipts managed by other federal bodies.

Valor had access to net data from returns and tax breaks, which show how much revenue the National Treasury actually gets to keep to pay for the budget.

In the second half of May, the Federal Revenue should release official data on gross receipts, which include deductions, court deposits and tax breaks.

April receipts fell significantly for two reasons. The first is the slowdown of economic activity caused by social distancing measures harming commerce and industries. The second is the decision to postpone (technically called deferring) May and April's social contributions Cofins and PIS/Pasep, as well as employer Social Security dues, to August and October. Officials also zeroed for up to 90 days the Financial Transaction Tax (IOF) rate on loans and pushed back the income tax deadline to June.

Cofins net revenue in April had the sharpest drop at 52% in...

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