Increase by 133 million in January in P.Rico net income General Fund

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Increase by 133 million in January in P.Rico net income General Fund Photograph where you can see the façade of the Department of the Treasury in San Juan. EFE / Archive

 San Juan, .- The secretary of the Department of the Treasury of Puerto Rico, Raul Maldonado, reported today that the net income of the General Fund for the month of January amounted to 717.9 million dollars, an increase of 133.3 million compared to the same period last year.

In a press release, Maldonado indicated that the monthly income compared with the projections according to the certified fiscal plan of June 29, 2018 had an increase of 188.3 million dollars, and with respect to the revised projections of the certified plan the October 23, 2018 were 23.5 million more.

In this same line, Maldonado stressed that in the first seven months of fiscal year 2019, which comprise the period from July to January, the total net income to the accumulated General Fund totaled 5,116.3 million dollars, which represents 902.6 million or 21.4% more than the same period of the previous year, which was affected by the passage of hurricanes Irma and María.

He indicated that the original projection in 950.5 million dollars and the revised projection in 141.4 million has been exceeded in the accumulated period, which in turn is largely attributed to the economic recovery after the passage of the hurricanes.

Maldonado explained that the revenue categories mainly responsible for the positive performance of the collection were the contributions on income of individuals and corporations, the excise tax to foreign corporations of Law 154 and excise taxes on motor vehicles.

The official also highlighted that in the case of the contribution on corporate income, the monthly income was 95.1 million dollars, about 31.1 million more than the previous year and 23 million over the revised projection.

For its part, the collection in the month of arbitration to foreign corporations of Law 154 was 61.8 million dollars, which represented 3.2 million more than the same as the previous year.
“With respect to this tax, the month of January is always the one of less collection during the year, this because several companies reach the annual tax cap in previous months and therefore do not make payments in January”, added Maldonado.

In addition, the Finance Minister indicated that the collection of excise taxes on motor vehicles continued the growth rate.
In response, Maldonado said that in each of the months of this fiscal year have been the highest level since fiscal year 2006, or in the last 13 years.

The official added that in January of this year, the income was of 43.9 million dollars, about 3 million or 7.3% more than the previous year.
Regarding the total collection of the IVU, Maldonado reported that in January, 261.2 million dollars were reflected, whose amount exceeded the IVU of January of last year by 34.7 million and was similar to that of January 2017.

Faced with this, he added that from the total collection of the IVU month to the General Fund, 193 million dollars were paid, 94.2 million more than the previous year. (EFEUSA)

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