Puerto Rico Treasury Secretary Melba Acosta said Thursday the government collected $495 million in General Fund revenue in July, the first month of the current fiscal year. The amount, she said, exceeded July 2013 collections by $3 million, even as $8 million were transferred to special funds this year, she said.
“July collections exceeded the budgeted estimate for the month by $43 million. If we consider that some of the new collections measures will take effect later this fiscal year, this is a good start,” she said. “This year, we expect the results of new tax laws and several administrative measures we’re implementing to shore up more resources to the government’s coffers, thus reducing the fiscal deficit.”
The main source of net revenue last month was income taxes, at $257 million, which represented 52 percent of the total collections. Corporate taxes reflected a $30 million increase, while individual income tax revenue reflected a $6.8 million drop attributed in part to a reduction in tax rates and certain specific payments that month.
Meanwhile, several excise taxes included in the total revenue also showed year-over-year improvement, she said.
“Motor vehicle excise taxes performed the best, reaching $38.3 million, representing an increase of 27 percent, compared to July last year, when $30.2 million were collected. This level of revenue was the highest for a month of July since 2006,”she added.
Meanwhile, excise taxes on foreign corporations collected through Law 154 reached $135 million, or $33 million less than the amount collected last year, because the current tax rate stands at 2.75 percent, when compared to 3.75 percent in July 2012.
In coming months, revenues stemming from Law 154 are expected to increase when the new rate of 4 percent takes effect for August payments.