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B-to-B helps lift August General Fund Revenue by 1.9%

By on September 15, 2016

aug-general-fund-revenueSAN JUAN – General Fund net revenues in August totaled $550 million, $10.3million, or 1.9%, above estimates, Treasury Secretary Juan Zaragoza Gómez reported Thursday.

When compared with revenue registered in August 2015, the total was the same with variations among the items.

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 (IVU by its Spanish acronym) revenue totaled $212.9 million in August, $22.1 million, or 11.6%, more than in August 2015. Some $11.7 million of this increase can be attributed to the tax on business-to-business (B-t0-B) and professional services, which was not in effect in August 2015.

The 10.5% IVU revenue was allocated as follows: Revenue corresponding to 6%, or $121.6 million, went to the Sales Tax Financing Corp. (Cofina by its Spanish acronym), and revenue corresponding to 4.5%, equal to $91.2 million, went to the General Fund, approximately $9.1 million more than August 2015’s allocation to the General Fund.

Zaragoza Gómez said that individual income tax 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 stated that fiscal year-to-date revenue totaled $1.21 billion, a year-over-year increase of approximately $38.6million, or 3.2%, and $17.8 million above estimates.

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