Thursday, November 30, 2023

General Fund revenue exceeded JCF – Metro Puerto Rico projections

The main financial officer of the Government of Puerto Rico and secretary of the Department of the Treasury, Francisco Parés Alicea, reported that in September 2024, the net income of the General Fund for the fiscal year 2024 reached two billion seven hundred six million three hundred thousand. dollars.

This is $458,700,000 (20.4% more) than the Fiscal Control Board had planned for the first three months of the fiscal year.

Revenues for August and September exceeded JCF projections by two hundred thirteen million five hundred thousand and one hundred twenty four million eight hundred thousand dollars, respectively.

These revenues also exceeded the same period in 2023 at $137,100,000 (19.8% more) and $83,700,000 (8.5% more).

According to Parés Alicea, Law 53-21, “Law to End the Bankruptcy of Puerto Rico,” influenced the accounting of certain revenues such as taxes on crude oil, gasoline and diesel in the General Fund.

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These additional collections were one hundred and seventy-eight million two hundred thousand dollars from July to September. Apart from this income, the income of the first quarter exceeded the income of the fiscal year 2023 by one hundred fifty five million four hundred thousand dollars, a growth of six point five percent.

In August, the contribution to income increased by thirty-three points seven percent compared to 2023, leading the corporate sector. For September, a similar increase of sixty five million five hundred thousand dollars was experienced. The withholding of non-resident income has also increased significantly.

The sales and use tax (SUT) had a modest increase in August, but increased nineteen points four percent in September compared to 2023. The prepared foods, manufacturing and professional services sectors showed more high year-on-year performance.

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During the cumulative period through August, the net receipts of the General Fund were two hundred forty nine million nine hundred thousand dollars compared to 2023. The corporate income was one hundred twenty two million two hundred thousand dollars than in 2023.

In September, the margin increased to one hundred eighty-four million seven hundred thousand dollars, representing a growth of thirty-one point six percent.

The income restriction for non-residents increased one hundred thirty two million three hundred thousand dollars, one hundred thirty four point nine percent than in 2023.

Tobacco and cigarette revenue decreased by nine million eight hundred thousand dollars in the first quarter compared to 2023. The individual contribution to income in August was one hundred ninety-one million nine hundred thousand dollars. , twenty-six million four hundred thousand dollars over the projection. In September, the income was five million eight hundred thousand dollars less than in 2023.

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The corporate income contribution in August was $149 million, an increase of ninety-five point four percent compared to the projection. In September, the revenue was three hundred ninety five million nine hundred thousand dollars, sixty two million five hundred thousand dollars more than in 2023. The total collected for the first quarter of fiscal year one hundred eighty four million seven hundred thousand. dollars more than 2023 The taxpayer’s payment under Act 52 represents one hundred ninety-two million one hundred thousand dollars.

Nation World News Desk
Nation World News Desk
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