Treasury: General Fund collections up 16.8% in February

Written by  //  April 2, 2012  //  Government  //  No comments

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Individual taxes fueled February tax collections, the Treasury Department informed over the weekend. (Credit: © Mauricio Pascual)

General Fund net revenue totaled $674 million in February, an increase of $97 million or 16.8 percent, when compared with February 2011, Treasury Secretary Jesús F. Méndez said over the weekend.

The total was fueled by income taxes, which increased by $44 million to $179.6 million, while excise taxes jumped by $21 million to $201.8 million for the month, the agency noted. The jump in income taxes comes at the height of this year’s tax season, when individuals have paid $56 million and corporations $19 million.

Meanwhile, excise taxes were fueled by the temporary tax being paid by foreign corporations, which reached $138 million for the month. That total reflects a 376 percent growth in comparison to the $29 million on record for the same month last year, when the excise tax was but a month old.

“This behavior is relevant given that as of January that excise tax rate fell by 25 basis points and still experienced a significant increase,” Méndez said.

Another excise tax that reflected an increase in February pertained to motor vehicles, which totaled $5 million, or 19 percent over the amount on record for the same month last year.

The Treasury chief attributed the increase to a greater consumer buying power resulting from lower taxes resulting from the Tax Reform implemented last year.

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