The Puerto Rico General Fund collected 21% more net revenues in January than budgeted.
The biggest exceedances in dollars were for the sales and use tax category, $51 million and 39% over, and non-resident withholding category, $35 million and 69.3% over.
"Because sales and use tax revenues were above projections, allocations in COFINA [Puerto Rico Sales Tax Financing Corp.] were completed earlier than expected, and as a result revenues allocated to the General Fund [in January] were also above projections," the Puerto Rico Treasury said in a written statement.
Over the first seven months of the fiscal year General Fund net revenues came in 4.3% higher than budgeted. The categories that had the biggest extra amount compared to budget was the foreign corporation category, $151 million and 16.1% over, and the sales and use tax category, $81.4 million and 12.7% over.
In the fiscal year's first seven months the category with the biggest dollar shortfall compared to budget was non-resident withholding, which was $41 million and 11.5% short.
