Monday, March 27, 2017

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Puerto Rico Treasury captures $7.4 million less than estimated

By on March 20, 2017

 

Puerto Rico Treasury Department headquarters in San Juan (File)

Puerto Rico Treasury Department headquarters in San Juan (File)

SAN JUAN – Treasury Secretary Raúl Maldonado said Monday that net general fund revenue during February totaled $776.6 million, which represents $7.4 million less than projected.

However, the government has collected $184 million more so far than estimated for the fiscal year. Until February, government coffers had $5.73 billion, not counting a reserve of about $320 million.

Regarding the main line items, mixed variations were reflected. For personal income tax, there was a $25 million decrease, while for that of corporations there was an increase of $16.6 million, when compared to the same period last year.

The largest revenue source in February was the Act 154 excise tax on foreign corporations, which represented $200.3 million, or 25.8% of the general fund’s net revenue that month.

Meanwhile, total revenue from the sales and use tax (IVU by its Spanish) during the first eight months of the fiscal year, or from July to February, amounts to $1.72 billion, about $92.5 million higher than projected.

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