Tuesday, September 22, 2020

CRIM: July revenue sufficient to not need credit

By on August 6, 2020

Property tax revenue reaches $239 million

SAN JUAN — The executive director of Puerto Rico’s Municipal Revenue Collection Center (CRIM by its Spanish acronym), Reinaldo Paniagua Látimer, announced that he notified the island’s Financial Oversight and Management Board that the process to obtain a line of credit to make payments to the municipalities and their obligations will not be necessary.

Paniagua said property tax revenue for July was $239 million and that CRIM’s efforts to improve access and offering “alternatives to taxpayers so that they could make their payments in various ways, including the effective use of technology,” have been successful in achieving sufficient revenue to not need a credit line.

A press release says Paniagua anticipated CRIM would be “able to disburse the remittances corresponding to the month of July 2020 without a problem,” and that “the payments of the personal contribution form are also being received and that process should end this week, so CRIM also plans to get up to date by next week on the statutory debts of the municipalities and the remittances that were pending payment during the months of May and June of the 2019-2020 fiscal year.”

Those debts include $33.5 million owed to the central government as a result of Act 29’s repeal. That “payment will also be met,” according to the release.

“In the past few months we have focused on offering viable alternatives to taxpayers and the necessary assistance to facilitate their payments, taking into account the difficulties presented by the situation caused by the pandemic and we have been successful,” Paniagua said.

Among the measures that the entity in charge of collecting municipal income from property taxes put in place were moratoriums and making taxpayers’ files available at www.crimpr.net.

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