Puerto Rico Department of the Treasury Reports Preliminary Collections For January Total $664 Million; January SUT Revenues Reach Record Amount Of $129.9 Million

SAN JUAN, Puerto Rico, Feb. 10, 2014 /PRNewswire/ -- Department of the Treasury Secretary Melba Acosta Febo reported that preliminary net revenues of the General Fund for the month of January amounted to $664 million, just $1 million less than the same period last fiscal year, which benefited from a special $23 million retroactive payment to the General Fund from the federal excise tax on rum not recurring in 2014. In cumulative terms for the July to January period of this fiscal year, revenues total $4,622 million, $536 million or 13 percent higher than the previous year. Preliminary revenues for the month surpassed expectations by $36 million.

Acosta Febo added that corporate income tax collections in January increased by $32 million or 53 percent compared to January of the previous year. This increase is attributed to gross sales tax ("Patente Nacional") payments, particularly by companies whose fiscal year ends in January. Revenues from the excise tax on foreign corporations subject to Act 154 were $142.5 million in January, an increase of $6.2 million or 4.6 percent over the prior year period. However, the withholding to non-residents decreased by $23 million as a result of payments made by two companies last year that did not recur this year.  

Regarding revenues from the Sales and Use Tax (SUT), the Secretary stated that January collections (December sales) amounted to $129.9 million, the highest level of collections for any month since it was implemented in November of 2006. January collections were used to complete the $643.7 million payment of the debt issuance to COFINA. The increase in SUT collections during the month was $5.4 million, a year-over-year 4.3 percent increase. In cumulative terms, this year's collections surpass those of the previous year by $40.8 million, a 5.9 percent year-over-year increase.

Acosta Febo stated, "We continue to see the positive results of new tax legislation and administrative efforts as we implement our fiscal and economic development plans and work toward a balanced budget."

SOURCE Puerto Rico Department of the Treasury