Accumulated net income for FY 2021 exceeds projections by 5.5%

By The Star Staff

Treasury Secretary Francisco Parés Alicea reported Wednesday that the accumulated net income at the closing of fiscal year (FY) 2020-2021 on June 30 totaled $11.6 billion, exceeding projections by about $606.1 million, or 5.5%.

At the same time, the Treasury secretary highlighted that the preliminary net income corresponding to June totaled $1.3 billion. That figure exceeded both the income for the same period during the previous fiscal year, as well as the income projection established for June of FY 2021.

“Fiscal Year 2020-2021 closed with positive collection figures, once again exceeding the projection of income by about $606 million in the accumulated and by $490 million compared to the projection for June,” the official said in a written statement.

According to the numbers, income from individuals totaled $2.3 billion in FY 2021 compared to $1.8 billion in the previous fiscal year.

Taxes from Act 154 industries, which comprised the lion’s share of government revenues, fell in FY 2021 compared to the previous one by $94 million to $1.7 billion.

Sales and use taxes went up in FY 2021, totalling $2.5 billion compared to $1.6 billion in FY 2020.

The government collected $615 million in vehicle taxes in the 2020-2021 fiscal year, $233 million more than in FY 2019-2020.

The news comes amid allegations of possible tax evasion by some economic sectors. The STAR tried to confirm with Treasury spokeswoman Eva Lizardi claims that the federal prosecutor’s office and FBI agents are conducting an investigation into tax evasion involving motor vehicles in Puerto Rico.

The Treasury Department is reported to be cooperating with the probe.

The irregularities were reportedly detected through information collected by the Unified Internal Revenue System (SURI), the five-year-old digital platform of the island Treasury Department. SURI was established in 2016 to streamline the administration of taxes.

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