Federal tax revenue in Brazil hit BRL 222.1 billion in February, the highest ever for the month since the time series began in 1995. This marks a real growth of 5.68 percent compared to February last year.

The data were released Tuesday (Mar. 24) by the Brazilian Federal Revenue Service.

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It is also the strongest revenue performance for the year to date. In the two-month period, it reached BRL 547.9 billion, an increase of 4.41 percent after adjusting for inflation.

According to tax authorities, the performance was mainly driven by growth in social security contribution revenue and recent changes to tax legislation.

Social security

Social security revenue reached BRL 60.5 billion, a real increase of 5.68 percent compared to February last year. The growth resulted from a 3.89 percent rise in the wage bill and a 7.98 percent increase in revenue from Simples Nacional, the special tax regime for micro and small businesses.