BRASILIA () – Brazil’s federal tax revenue posted double-digit growth in November, the revenue service said on Tuesday, maintaining the strong momentum seen this year as the government works to boost revenue to improve the country’s primary budget balance.

The government of leftist President Luiz Inacio Lula da Silva aims to eliminate the primary deficit, excluding interest payments, this year.

Officials have stated that the target – which includes a tolerance margin of up to 0.25% of gross domestic product (GDP) in either direction, allowing for a deficit of up to 28.8 billion reais – will be achieved.

In November, total federal tax revenue reached 209.2 billion reais ($34.4 billion), up 11.21% in real terms when compared to the same month last year.

Year-to-date, tax revenue grew 9.82% to a record 2.4 trillion reais, driven by government measures such as higher taxation on investment funds that previously enjoyed tax benefits and the reinstatement of taxes on fuels.

Additional contributions to the year-to-date revenue expansion came from increased collections on imported goods amid resilient economic growth and a stronger U.S. dollar, and 7.4 billion reais raised through the regularization of foreign assets and rights.

($1=6.0765 reais)

($1=6.0640 reais)