Tuesday, June 2, 2020

NPP Senator Demands Knowing Whereabouts of Oil Tax Revenue

By on March 22, 2016

SAN JUAN – New Progressive Party (NPP) Sen. Ángel “Chayanne” Martínez was demanding Tuesday that Government Development Bank (GDB) President Melba Acosta “immediately disclose” where the tax revenue from petroleum products and the price of crude oil, better known as “Crudita 1 and 2,” has gone.

Ángel ‘Chayanne’ Martínez 2The first of these measures was Act 31 of 2013, establishing a $9.25 tax per barrel or fraction of crude oil, excluding only natural gas. Last year, the tax was doubled after the adoption of Act 1 of 2015, commonly known as “Crudita 2,” the revenue of which is allocated to the Highways and Transportation Authority.

“Three years have passed since the adoption of the first version of the Crudita. At that time, the tax was sold by the majority of the Popular Democratic Party as the only salvation for public finances. We all know that was not what happened. It is time for accountability. The president of the GDB is responsible for detailing all revenue generated by both versions of the Crudita and where it has gone,” the senator for the District of Arecibo said in a statement.

Martínez, who is also the spokesman for the NPP delegation in the Senate Health Committee, filed a resolution of inquiry to order the Treasury and Public Finance Committee to conduct an investigation into the use of the revenue from the petroleum products.

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