The Treasury Department pumped $731 million into the government’s General Fund last month, or $216 million more than what it collected during January 2011. The 42 percent hike was fueled by income and excise taxes, Treasury Secretary Jesús Méndez said Thursday.
About 25 percent more Puerto Rico taxpayers will be able to file the short form this year as the 2010 Tax Reform takes full effect, simplifying many reporting processes that previously required the more complicated long form, Treasury Deputy Secretary Blanca Álvarez-Ramírez told News is my Business.
Net General Fund revenue totaled $776 million in December, representing an increase of $210 million when compared to the same month in 2010. The hike was attributed to a surge in motor vehicle excise tax collections, which Treasury Secretary Jesús Méndez said reflected the highest year-over-year percentage growth.
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