Puerto Rico’s July revenues came in 8% above budget as non-residents contributed more than expected.

Net revenues totaled $649.4 million or $48.3 million above the projection, according to the Puerto Rico Treasury Department. Net revenues were 2.4% below the July 2016 total, the department reported in a written statement on Monday.

Puerto Rico Secretary of the Treasury Raúl Maldonado Gautier
Treasury Secretary Raúl Maldonado Gautier said consumption taxes came in strong in July.

The tax category that exceeded the projection the most in dollar terms was non-resident withholding, which rose to $52.2 million -- or 157% above budget -- from $20.7 million in July 2016.

Second was the motor vehicle tax, which brought in $18.9 million, or 363% above budget.

The biggest shortfall from projections in dollar terms was for revenues from the Law 154 on foreign corporations. This was $15 million or 7.2% less than budgeted. It was also $49.2 million less than in July 2016. At $207 million it was still by far the biggest source of Puerto Rico revenues.

Department Secretary Raúl Maldonado Gautier said that revenues associated with consumption -- sales and use tax, cigarette, motor vehicles, and alcoholic beverages -- all were higher than projections. Sales and use tax revenues for the General Fund came in 2% above that for July 2016 and 11.1% higher than budget.

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