By Paulo Trevisani

BRASÍLIA -- The Brazilian government collected 50.9 billion Brazilian reais ($15.8 billion) in taxes and fines under an amnesty program offered to individuals and corporations with undeclared but legitimate funds parked overseas, the Finance Ministry said Tuesday.

By the program's Monday deadline, 25,114 individuals and firms agreed to pay a 15% income tax and a fine equal to taxes paid, lower than they would have paid without the program, in exchange for immunity from potential prosecution for tax evasion and other charges, the ministry said.

A total of 169.9 billion reais in unreported offshore assets were reported under the amnesty program, the ministry said. Under the program, taxpayers could also avoid paying interests on their overdue taxes.

The extra revenue collected by the government would help the administration of President Michel Temer meet this year's fiscal target amid a swelling budget gap and debt load.

The government's target for this year is to have a primary deficit, which excludes debt payments, of 170.5 billion reais. As of September, the deficit was at 85.5 billion reais.

Write to Paulo Trevisani at paulo.trevisani@wsj.com

(END) Dow Jones Newswires

November 01, 2016 11:07 ET (15:07 GMT)

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