Brazil Nov tax revenues fall 12.3 pct year on year

* Tax revenues fall after months of posting records

* November 2009 collection inflated by one-off revenues

BRASILIA, Dec 14 (BestGrowthStock) – Brazilian tax collections fell
sharply in November compared to a year ago, as revenues for the
same month in 2009 were inflated by one-off income, the federal
tax authority said on Tuesday.

Tax collection in November, adjusted for inflation, totaled
66.797 billion reais ($39.5 billion), down 12.3 percent from
76.152 billion reais in the same month of 2009.

Government revenues in November 2009 were boosted by a
transfer of judicial deposits from state-run lender Caixa
Economica Federal to the Treasury, the tax authority said.

Without this one-off income, tax collection would have
increased by 7.7 percent in November compared to a year
earlier, it added.

Brazil’s government has seen record tax revenues for most
of the year due to the country’s rapid economic growth, which
has far outpaced that of advanced economies still struggling to
recover from the global financial crisis.

However, the tax income has not been enough to arrest a
deterioration in the country’s fiscal accounts, under pressure
from a rise in government spending in an election year.

Tax revenues totaled 730.580 billion reais between January
and November, up 9.12 percent from the same period a year
earlier.
($1=1.691)
(Reporting by Isabel Versiani; Writing by Ana Nicolaci da
Costa; Editing by James Dalgleish)

Brazil Nov tax revenues fall 12.3 pct year on year