Our View: as expected, revenue collection in January was R$ 280.6 billion. Economists had already factored in the possible effects of the revenue-generating measures approved at the end of last year. For the coming months, this slightly higher level of revenue collection is expected to persist, reaping the effects of the new measures.
Revenue collection of R$ 280.64 billion, practically in line with the market median (R$ 279.0 billion) and below our forecast (R$ 285.0 billion). In real terms, there was a 0.5% YoY increase over the last 12 months.
Regarding composition, the effects of revenue-generating measures were more evident in COFINS, which showed a strong advance, and in CSLL.
On the other hand, revenue collection via IRRF experienced a slight decline; however, the quarterly average continues to advance.
