P.R. Treasury collects $776.6M, $7.4M below projections

Written by  //  March 21, 2017  //  Government  //  No comments

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Puerto Rico Treasury Secretary Raúl Maldonado.

Puerto Rico Treasury Secretary Raúl Maldonado said Monday that net revenues recorded in the General Fund totaled $776.6 million in February.

The total is $9 million above February 2016 revenues, and $7.4 million, or 0.9 percent, below projections.

Fiscal year-to-date (July-February) revenues totaled $5.41 billion, a year-over-year increase of $89.3 million and $184.1 million more than projected.

In February, the main revenue categories showed both upward and downward changes. Individual Income Tax collections decreased by $25 million, while corporate income taxes collections registered an increase of $16.6 million.

The main revenue driver was the foreign excise tax with $200.3 million, or 25.8 percent of General Fund net revenues in February.

In terms of consumption excise taxes, Sales and Use Tax (SUT) as well as motor vehicle excise tax collections continued increasing. SUT revenues totaled $203.4 million, $7.2 million, or 3.7 percent, above February 2016 SUT collections.

SUT revenues were allocated as follows: $193.5 million to the General Fund; $9.7 to COFIM (municipalities or townships); and $270,000 to the Film Industry Fund.

Fiscal year-to-date (July-February) SUT collections totaled $1.72 billion, an increase of approximately $167.5 million year-over-year, and $92.5 million, or 5.7 percent, more than projected.

Motor vehicle excise tax collections were up again in February with $35.7 million collected, which represented $9.2 million, or 34.7 percent, more than in February 2016, the agency reported.

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