Treasury: Feb. revenue at $767.5M, below estimates

Puerto Rico Treasury Secretary Juan Zaragoza (Credit: © Mauricio Pascual) Puerto Rico Treasury Secretary Juan Zaragoza (Credit: © Mauricio Pascual)

Puerto Rico’s General Fund revenue collections totaled $767.5 million in February, reflecting a $58.2 million increase compared to February 2015, and $34.1 million above revised estimates. However, last month’s collections were $12.3 million below original estimates, Treasury Secretary Juan Zaragoza-Gómez said Wednesday.

The year-over-year increase was mainly attributed to the increase in Sales and Use Tax (SUT) collections. February 2016 SUT revenues totaled $186.6 million, or $83.8 million above February 2015 receipts. The difference is the result of the increase in the state SUT rate to 10.5 percent from 6 percent, and the 4 percent tax on designated business-to-business and professional services (known as B2B), he said.

B2B collections were $9.9 million in February, while SUT revenues were allocated as follows: $186.6 million to the General Fund; $9.3 million, or 0.5 percent, to the Municipal Administration Fund, and $270,000 to the Film Industry Fund.

Individual income taxes, corporate income taxes, and foreign excise tax collections registered year-over-year decreases of $17.2 million, $9.5 million and $12.6 million, respectively. In contrast, revenues were above revised estimates in these same categories.

Revenues from non-resident withholdings, a category mainly associated with royalties from the use of manufacturing patents, were $21 million above February 2015 revenues. Consumption excise taxes showed similar or slightly higher results year-over-year. This was the case for alcoholic beverages, cigarettes and motor vehicles excise taxes.

Fiscal year-to-date (July-February) revenues totaled approximately $5.33 billion, a year-over-year increase of $169.8 million, or 3.3 percent, $25.3 million below revised estimates and $196.1 million below estimates included in the original $9.8 billion budget for FY 2016, the agency informed.

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

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