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Puerto Ricos General Fund Net Revenue Edged Up In May
Treasury Department expects it to reach $7 billion by end of FY 2000
by JEFFRY VALENTIN-MARI
July 13, 2000
Puerto Rico general fund net revenue reached $667.3 million in May, according to Xenia Velez, secretary of the Puerto Rico Treasury Department.
This represents an increase of 6.8% or $42.6 million, when compared to the $624.9 million registered in May 1999.
During the first 11 months of fiscal year (FY) 2000, government revenue reached $6.02 billion, according to figures provided by the Treasury Department.
This represents an increase of 7.7% or $451.1 million compared with the $5.36 billion collected during the first 11 months of FY 1999. According to Velez, this growth rate suggests that the Treasury Department should be able to reach the target of $7.04 billion expected for FY 2000.
Velez attributed the surge in Treasury Department collections to increases in four areas: individual income tax, corporation and partnership income tax, the 5% general excise tax, and non-tax revenue (such as duty, registry, and certificate fees).
Individual income tax swelled by 22.5% or $57.7 million to $314.4 million in May, compared to $256.7 million registered in May 1999. Meanwhile, for the first 11 months of FY 2000, individual income tax rose by $172.3 million to $2.27 billion for the same period in FY 1999.
Corporate income tax rose by 37.9% or $37.2 million to $135.1 million in May, compared with $97.9 million registered in May 1999. For the first 11 months of FY 2000, corporation tax revenue grew by $142.1 million to $1.51 billion, in comparison to $1.36 billion over the same period in FY 1999.
The 5% general excise tax category increased by 9.7% to $50.4 million in May, compared with $46.0 million in May 1999. In addition, for the first 11 months of FY 2000, the 5% general excise tax collections rose by 2.3% to $486.0 million, compared with $474.2 million registered in the same period in FY 1999.
Non-tax revenuesprimarily duty, registry, and certificate feesrose by 44.4% to $13.3 million in May, compared with $9.2 million in May 1999.
This Caribbean Business article appears courtesy of Casiano Communications.