Puerto Rico’s General Fund net revenues came in 13.6% ahead of projections for July and August.
The net income was $801 million in July and $675 million in August, according to the Puerto Rico Treasury. These exceeded projections for July by 14% and for August by 13%.
The Puerto Rico Oversight Board creates the monthly projections at the start of the fiscal year, which was July 1.
“During the months of July and August, the first two of fiscal year 2021-2022, we managed to exceed the collection projections,” Treasury Secretary Francisco Parés Alicea. “The Department of the Treasury continues to focus on ensuring tax compliance, through taxpayer guidance and audit initiatives. In this way, the government of Puerto Rico will be in a position to guarantee the continuity of services to citizens."
The tax categories with the greatest hauls in July and August were individual income tax with $318.6 million, foreign excise tax (Law 154) with $285.1 million, the sales and use tax with $218.6 million, and the corporate income tax with $154.9 million.
Compared to projections for the two-month period, individual income tax was 16.1% ahead, foreign excise tax was 17.7% behind, sales and use tax was 12.4% ahead, and corporate income tax was 29.1% ahead.
