Puerto Rico net General Fund revenues came in 3.1% ahead of projections in May.
The Puerto Rico Department of the Treasury said through the first 11 months of fiscal 2020-2021, net revenues were ahead by 1.14%, at $10.2 billion. The Treasury Department’s actual figures are compared to the Puerto Rico Oversight Board’s projections.
![Francisco Pares Alicea](https://arizent.brightspotcdn.com/dims4/default/90f2d1b/2147483647/strip/true/crop/6720x4480+0+0/resize/740x493!/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2Fd5%2F48%2Fa534cb2b435f923b63f7b384784c%2Fsecretario-de-hacienda-francisco-pares-alicea.jpeg)
In May the categories that most exceeded projections were the Law 154 tax on foreign corporations with $35 million, the rum tax with $16.3 million, and the individual income tax with $15.1 million. The categories that had the greatest shortfall from projections were corporate income taxes with $28.8 million and the contribution from non-residents with $16.9 million.
Through the first 11 months the categories that had the best outperformance compared to projections were the 'Other' category with $140 million and the tax on rum with $34 million. The categories with the greatest underperformance compared to projections were corporate taxes with $132 million and the tax on non-residents with $31 million.
Compared to the first 11 months of the previous fiscal year, the current fiscal year saw 20.6% more net revenues. The Treasury pointed out that “in mid-March 2020, an executive order declared a state of emergency, given the threat of a global pandemic by COVID-19, and May [2020] revenues were adversely affected.”
Puerto Rico Secretary of the Treasury Francisco Parés Alicea said he was optimistic about June 2021 revenues.