Brazil ends 2024 with record revenue of BRL 2.65 trillion
The Brazilian government's tax revenue totaled BRL 2.709 trillion in 2024, the Federal Revenue Service reported on Tuesday (Jan. 28). This is the highest figure in the historical series, which began in 1995, representing a real growth of 9.6 percent, discounting inflation measured by the Broad Consumer Price Index (IPCA). In 2023, revenue stood at BRL 2.653 trillion.
According to the Revenue Office, the increase was primarily driven by economic growth and higher PIS/Cofins collections (Social Interaction Program/Contribution for the Financing of Social Security), due to the reinstatement of fuel taxation, among other factors.
At a press conference on the data, Federal Revenue Service Special Secretary Robinson Barreirinhas cited economic growth as a key factor behind the result.
“The strong figures reflect the significant outcomes of economic policy in recent years and the economic recovery we witnessed last year, which led to this remarkable result. Entire sectors have rebounded, driving a substantial increase in tax revenue,” said the secretary, also highlighting the impact of job growth and a rising wage bill.
The record revenue was also driven by higher income tax collection on investment funds and increased import tax revenue, boosted by rising average rates.
“We worked to include those who had never been taxed—individuals with assets worth hundreds of millions of reais in closed-end funds or abroad,” added Barreirinhas.
Last year, key indicators reflected strong macroeconomic performance in the productive sector. Industrial production rose by 3.22 percent, retail sales by 3.97 percent, and service sector revenue by 2.9 percent. The dollar value of imports increased by 8.65 percent, while the wage bill grew by 11.78 percent.
December revenue also showed strong growth, exceeding inflation by 7.78 percent and totaling BRL 261.265 billion.
