Brazil’s government posts $11.5 billion surplusStaff Writer | November 29, 2016
After five monthly deficits, Brazil’s federal, states and local governments swung back to a primary surplus in October.28.stu.2016 22:50
LatAm The largest monthly primary surplus since December 2001
It was the largest monthly primary surplus since the Central Bank began keeping records in December 2001.
Last month’s result was driven by a program for regularization of non-stated assets held abroad, known as the Repatriation Law.
Taxpayers were required to pay 15% Income Tax and a 15% fine, totaling 30% of inbound assets.
From January to October, Brazil posted a primary deficit of $13.4 billion. The comparable period in 2015 saw a $5.826 billion deficit. ■