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Este informe no está disponible en español. CARIBBEAN BUSINESSPuerto Rico’s General Fund Net Revenue Edged Up In MayTreasury Department expects it to reach $7 billion by end of FY 2000by JEFFRY VALENTIN-MARIJuly 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 revenues–primarily duty, registry, and certificate fees–rose 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.
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