LatinNews Daily - 22 August 2025

*Brazil’s tax authority, Receita Federal do Brasil (RFB), has released the revenue figures for July, showing a total tax take of R$254.20bn (US$46.50bn), up 4.57% from July last year. According to a government press release, this is the highest result for the month of July in the past ten years. It also marks an increase from the monthly tax revenue of R$234.59bn registered in June. The RFB has attributed the strong tax take in July 2025 to a combination of macroeconomic factors, including a boost in the services sector and rising wages. Another highlight in the month of July was a rise in revenue from the financial operations tax (IOF), which totalled R$6.5bn, up 13.05% year-on-year in real terms. President Luiz Inácio Lula da Silva initially decreed an increase in IOF tax rates in May, before amending the decree in June. Congress then struck down the tax hikes in late June, but in mid-July the supreme court (STF) ruled in favour of the government and restored most of the tax hikes.

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