Brazilians have already paid more than R$1 trillion in taxes in 2020 more than R$140 billion in November alone

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Tax collection in November breaks a record and rises from R$ 140 billion, in 2020 alone it has already formed more than R$ 1 trillion in taxes paid by Brazilians

Brazilians have already paid more than R$ 1 trillion in taxes in 2020 more than R$ 140 billion in November aloneNOTÍCIAS

Brazil’s Federal Revenue announced that it raised about R$140.101 billion in November, up 7.31% from the previous month.

As a result, tax revenues broke a new Bitcoin Pro record and registered the best performance in the last six years.

In 2020, from January to November, the federal government raised R$1.32 trillion in taxes.

According to the Federal Revenue Service, the recovery of sectors of the economy, mainly industrial production and trade, helped to boost tax collection in November.

Taxes
The collection of the Social Integration Programme (PIS) and the Social Security Financing Contribution (Cofins) rose 19.46% above inflation in November compared to the same month in 2019. In addition to the growth in the sale of goods, the tax reflects the payment of PIS/Cofins suspended at the beginning of the covid-19 pandemic.

Revenue from social security revenues rose 10.58% in the same comparison, benefiting from the increase in formal employment in recent months.

Corporate Income Tax (IRPJ) and Social Contribution on Net Profits (CSLL) revenues increased 9.66% above inflation, benefiting from an atypical collection of R$ 1.2 billion in November. The Federal Revenue Service, alleging tax secrecy, failed to inform in which sector of the economy the extraordinary payment of IRPJ/CSLL occurred.

Bitcoin
As the Cointelegraph reported, tax collection by the federal government may be even higher in the coming years as negotiations with Bitcoin and cryptomoedas may have to pay tax in the country.

One of the priorities of the Brazilian IRS for the biennium 2021-2022 is the revision of the 1888 Normative Instruction, which obliges Bitcoin exchanges in Brazil to inform 100% of its users‘ transactions to the regulator.

The revision in IN 1888 may indicate the creation of a tax for the negotiation of cryptoactives or for the companies that intermediate this business, since the action in IN is classified in the „taxation“ axis, among the „thematic axes of the regulatory agenda for the improvement of the investment environment“.