Tax revenues in Brazil have fallen for the third month in a row, it has been revealed.
Figures released by the country's National Tax Authority this month show that January's tax income amounted to BRL61bn (USD26bn) - a year on year fall of 7.26%.
Corporate income tax for January 2009 was down 17.5% from the same period last year.
As a consequence, the Treasury has reported a BRL4.25bn (USD1.78bn) budget surplus for January; a significantly lower figure than the BRL15.36bn surplus last year.
Much of the decline in revenue has been attributed to the noticeable slump in the country's industrial sector. Tax revenues from the sector have plummeted by almost 30% in the past 12 months, with the decision to award tax breaks for automobiles also contributing to lower revenue figures.
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