Puerto Rico gov’t revenue in April falls short of estimates by $14M
SAN JUAN – The Puerto Rico Treasury Department reported Friday revenues to the General Fund in April totaled $1.268 billion, roughly $14 million less than estimates.
The local Treasury attributed the decrease to a $41 million retroactive reimbursement of the federal excise tax on rum shipments, as well as a $50 million drop in corporate income tax collections, when compared to the same period during the previous fiscal year.
Nevertheless, year-to-date revenues exceed estimates by $236 million, according to information provided by Treasury. With only two months before the end of the fiscal year, the general fund has generated $8.03 billion, or $97 million more than the same period during the previous fiscal year.
General fund revenues in April—when income tax returns must be filed— include $350 million income taxes paid by individuals, about $53 million more than expected.
On the corporate side, the government entered $355 million in income taxes, $40 million less than estimated for the month. Another significant drop in April came under the 4% excise tax on foreign companies—known as Act 154—which generated just under $190 million, or $23 million below what Hacienda expected to receive. Yet, Act 154 has generated so far this year almost $1.68 billion, or $140 million more than expected.
In the case of the sales & use tax (IVU by its Spanish acronym), collections remained stable, generating almost $200 million in April, or $3 million more than the monthly estimate. So far this fiscal year, IVU collections total about $1.3 billion, almost $90 million higher than forecast.
In addition to the IVU, other consumption taxes such as motor vehicle, alcoholic beverages and cigarettes, also reflected increases when compared to the same period during the previous fiscal year.