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Puerto Rico Treasury Secretary calls revenue collection ‘healthy’

By on October 4, 2018

SAN JUAN – Treasury Secretary Teresita Fuentes assured Thursday that her agency’s revenue collections “are healthy” and that the process of rebuilding Puerto Rico after Hurricane Maria has been beneficial.

“The collections are extremely healthy. We closed the year with a surplus, that is, we surpassed estimates. July and August have the same trend, and what we are seeing for the month of September, for which the numbers aren’t final, is that the same trend continues,” despite a significant budget reduction for the agency’s operation, Fuentes said in a radio interview (WKAQ 580).

She also said that August revenue exceeded the estimate by 10 percent. However, the secretary did not specify exact figures.

“There are several elements and it has to do mainly with the reconstruction process that Puerto Rico is going through right now. There is a lot of investment that has come from outside; there are many companies that are working on the reconstruction process and they are paying the taxes they owe to the Department of the Treasury,” said the official who would be officially sworn in Thursday as department secretary.

In terms of the sales and use tax, she said it has remained very stable. In addition, she mentioned that the increase in auto sales has also been consistent.

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