Brazilian Assistant Tax Secretary, Ricardo Pinheiro, has announced that the country's tax receipts for 2002 will show little growth from 2001, if any at all because of the sluggish ecnomomy. According to Pinheiro, September's revenue was significantly down due to slow-moving car and fuel sales and imports.
Pinheiro reported that the September revenue of 15.6 billion reals ($1=BRR2.78), is down 7.6% from August's result of BRR16.8 billion, but up 13.1% from BRR13.8 billion in September 2000.
He says he does not anticipate a recession but the tax collection downturn could extend for another year. 'Given the current economic context, it's the revenue department's responsibility to warn that we could have problems with revenue next year,' he said.
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