Treasury collections fall $45.4M Y-O-Y in December

Written by  //  February 2, 2017  //  Government  //  No comments

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Puerto Rico Treasury Secretary Raúl Maldonado.

The Puerto Rico Treasury Department released Wednesday revenue collection numbers for December 2016 totaling $799.3 million, which represents a year-over-year decrease of $45.4 million.

Treasury Secretary Raúl Maldonado attributed the change to non-recurring payments from two corporations totaling $85.2 million received in the non-resident withholding category in December 2015. December 2016 revenues were $27.1 million below projections.

Meanwhile, the government’s main tax revenue categories showed mixed results. In the income tax category, individuals, corporations and non-resident withholding tax revenues registered decreases.

Foreign corporations and motor vehicle excise taxes, as well as the federal rum-cover over excise tax registered increases.

December 2016 Sales and Use Tax collections totaled $221.3 million, approximately $5.9 million, or 2.7 percent, above December 2015 collections.

Total SUT revenues for the first half of the current fiscal year were $1,257.2 million, an increase of approximately $146.4 million year-over-year. The Sales Tax Financing Corp., or COFINA, has received $718.2 million, a $29.5 year-over-year increase, while $539 million have been recorded in the General Fund, an increase of $116.8 million compared to the same period last year, and $30.7 million above projections.

Total SUT revenues for the first six months of the fiscal year exceeded projections by $71.2 million, or 6.0 percent, the agency said.

Lastly, Maldonado Gautier pointed out that total net revenues to the General Fund in the first six months of the fiscal year were $3.9 billion, a $75.2 million year-over-year increase and $76.7 million more than projected.

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