General Fund net revenues in August totaled $550 million, $10.3 million, or 1.9 percent, above estimates, Treasury Secretary Juan Zaragoza-Gómez said Thursday. When compared to the revenue registered in August of 2015, the total amount was the same with variations among the items, he said.
When broken down, agency data shows that consumption tax categories registered positive changes year-over-year. Alcoholic beverages, cigarette and motor vehicle excise tax collections increased by $4.2 million, $6.2 million and $12.2 million, respectively.
Sales and Use Tax (“SUT”) revenue totaled $212.9 million in August, $22.1 million, or 11.6 percent, above August 2015 receipts. Some $11.7 million of this increment can be attributed to the tax on business-to-business and professional services, which was not in effect in August 2015.
The 10.5 percent SUT revenue was allocated as follows: revenues corresponding to 6 percent, or $121.6 million, went to the Sales Tax Financing Corp. (known as COFINA for its initials in Spanish), and revenue corresponding to 4.5 percent, equal to $91.2 million, went to the General Fund, approximately $9.1 million above the August 2015 allocation.
Zaragoza Gómez pointed out that individual income taxes increased by $9 million, while corporate taxes decreased. Corporate income tax, non-resident withholdings, and foreign excise taxes decreased by $15.1 million, $10.8 million, and $19.2 million, respectively.
Lastly, Zaragoza Gómez said fiscal year-to-date revenue totaled $1.21 billion, a year-over-year increase of approximately $38.6 million, or 3.2 percent, and $17.8 million above estimates.