The net income of the General Fund of the Treasury of Puerto Rico for the month of March reached a historical level at 1.194 billion dollars, 8.2% more than the revised projection.
The chief financial officer of the Government and Secretary of the Treasury Department, Raul Maldonado, said in a statement on Monday that this month’s revenue exceeded the revised projections of the fiscal plan month certified on October 23, 2018 in 259 million dollars .
“In this fiscal year, March has been the month of best performance when compared to the projections,” said Maldonado.
The official attributed to a large extent the results of the month to the productive activity that is currently experienced in various sectors of the local economy.
He stressed that the main taxes responsible for the increase in revenue were the contribution on corporate income and the excise tax to foreign corporations.
Both taxes are associated with the economic activity of the businesses, where the sectors related to the tasks of infrastructure recovery, construction activities and the manufacturing sector stand out.
“In the case of corporations, revenues were 310 million dollars, this represented 131 million dollars more than the same month of the previous year and 161 million dollars over the projection,” he said.
Maldonado said about the collection of the month of arbitration to foreign corporations of Law 154, associated with the industrial production of the manufacturing sector, which was 231 million dollars, that is 49 million dollars more when compared with March of the last year.
In March motor vehicle taxes continued the growth trend.
In each of the nine months of this fiscal year they have reached the highest level compared to fiscal year 2006, that is, in the last 13 years.
In March of this year the income was 43 million dollars, which is 2.9 million dollars more than March 2018.
With regard to the SUT, the Secretary of the Treasury indicated that in March, 202 million dollars were added to the General Fund, which represented 8.7 million dollars less than March of the previous year.
Maldonado explained that this difference is mainly explained by the fact that last year the collection of the IVU included the greatest effect of the immediate recovery after the passage of the hurricanes.
When compared to March 2017, the increase was 15 million dollars.
As for the nine months of fiscal year 2019, which comprise the period from July to March, the total net income to the accumulated General Fund totals 7,548 million dollars.
That figure represents 576 million dollars more than the revised amount. (EFEUSA) .-