Brazil's federal government collected R$3.145 billion in income tax on dividends from January to July, according to data released by the Federal Revenue Service on Wednesday. The figure represents approximately 11% of the R$28 billion annual projection set by the administration of President Luiz Inácio Lula da Silva.
Of the total collected, R$2.043 billion came from domestic dividend distributions exceeding R$50,000, while R$1.102 billion was generated from taxes on dividends remitted abroad. The tax framework applies a 10% rate to both categories of distributions.
The government's revenue shortfall has prompted a cautious approach from officials. Minister of Planning and Budget Bruno Moretti indicated that the administration will maintain its current fiscal assessment without incorporating the lower-than-expected collections. A potential revision of the official projections is scheduled for September, reflecting a policy of fiscal conservatism.
The administration's 2026 target of R$28 billion remains unchanged despite the underperformance in the first half of the year. The Federal Revenue Service did not provide additional commentary on the revenue trajectory or potential adjustments to the tax framework.
