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P.R. Treasury Dept. collects $708.8M in May

Puerto Rico Treasury Secretary Raúl Maldonado.

Net revenues recorded to the General Fund totaled $708.8 million in May, with fiscal year-to-date (July-May) revenues reaching $8.3 billion, Treasury Secretary Raúl Maldonado Gautier said Tuesday.

“This number reflects a $92.4 million, or 1.1 percent, increase compared to the same period last year, and is $228.3 million, or 2.8 percent, above projections,” Maldonado said.

“We’re confident that, at the end of the fiscal year, we will have achieved the projections that were included in the approved Fiscal Plan,” he added.

Total May collections decreased by $5 million compared to last year, and 99 percent of projections were achieved. The different categories showed mixed results.

The main changes were observed in corporate income taxes, which were up by $12.6 million compared to last year, while non-resident withholdings decreased by $19 million.

In May, sales and use tax (SUT) collections at the 10.5 percent rate totaled $199.1 million, that is $2.1 million less than last year.

Those SUT revenues were allocated as follows: $189.8 million to the General Fund, $9 million to the municipalities, and $270,000 to the Film Industry Fund.

Other consumption taxes reflected increases: motor vehicle, cigarette and alcoholic beverages excise taxes were up by $3.2 million, $1.4 million and $700,000, respectively.

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This story was written by our staff based on a press release.

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