Puerto Rico's May net revenues came in 9% short of budget in May.
Through the first 11 months of the fiscal year, Puerto Rico's General Fund net revenues are 3.8% or $314.7 million under budget.
The categories with the biggest shortfalls in May were $25.8 million in individual income taxes and $22.5 million in "others."
The foreign corporation (Act 154) tax collection category came in $12.7 million over budget, for the biggest exceedance.
In a written statement, Treasury Secretary Juan Zaragoza G-mez said the sales and use tax revenues increased by 9.1% from a year earlier, the biggest increase in the current fiscal year. He said this was due to a more comprehensive collection of the sales tax at ports starting May 1.
In a system introduced in late 2014, the sales tax is collected on imports at ports and refunded only when retailers can show that products were sold in ways that shouldn't have carried a sales tax. On May 1 this procedure was expanded to include non-bonded importers in addition to bonded ones, improving sales tax collections.
While the sales and use tax collections were up for the month, they were still 9.8% below budget.
Zaragoza G-mez said he expects a tax amnesty and other administrative measures and tax legislation taking effect in June, the final month of the fiscal year, will help to reduce the $314.7 million gap.
