* Federal tax revenues drop 3.27 pct from October 2011
* Brazil to miss budget target as tax revenues fall
SAO PAULO Nov 23 Brazil's federal tax
collection fell for the fifth straight month in October from the
same month a year earlier, reflecting a still incipient economic
recovery, official data showed on Friday.
Federal tax revenues fell 3.27 percent in
October compared with October 2011 to 90.516 billion reais ($43
billion), but were in line with the median of six forecasts for
a tax income of 91 billion reais, the federal tax authority
In September, the federal government had collected 78
billion reais in taxes.
The drop in tax revenues reflects Brazil's slow pace of
growth, a far cry from much of the past decade when tax
collection soared on the back of a booming economy.
Tax income also dropped after the government offered a slew
of tax cuts to shore up local industries.
Slowing tax income is one of the reasons why Brazil will not
meet its budget target this year and likely will also miss in
2013, according to a Reuters poll earlier on Friday.