Treasury: Puerto Rico ’21 fiscal year revenue beats projections by $606M
Net income accrued at the close of Fiscal 2021 totaled $11.7 billion, exceeding the projection by about $606.1 million or 5.5%, Puerto Rico Treasury Department Secretary Francisco Parés confirmed.
Furthermore, he noted that the preliminary net income for June 2021 totaled $1.4 billion. This figure exceeded both the income for the same period during the previous fiscal year, as well as the income projection established for the month of June of Fiscal 2021.
“Fiscal 2021 closed with positive collection figures, once again exceeding the projection of income by about $606 million in the accrued and by $490 million compared to the projection for June,” he said.
Specifically, the line items of “Individuals,” “Sales and Use tax (IVU, in Spanish),” and “Foreign (Law 154)” stand out for exceeded Fiscal 2021 projections by $101.5 million, $ 125.3 million, and $ 123.4 million, respectively.
As for collections for the month of June 2021, Parés focused on the individual income tax line item, whose income of $195.3 million exceeded the projection established by the Financial Oversight and Management Board for Puerto Rico of $68.3 million. For the previous fiscal year, the collections for this area totaled $125.2 million.
“The collections from Corporate Income Tax totaled $361.5 million, exceeding by $268.8 million those collected in June of last year, which totaled $92.7 million. We also exceeded the projection for the month by about $28.4 million,” Parés said.
In the case of the IVU, collections represented a surplus of $111.8 million over the projection, and in turn surpassed by $155.5 million the income for the month of June of the previous Fiscal Year, which totaled $126.5 million, the agency informed.