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  • Writer's pictureThe San Juan Daily Star

Treasury says new budget will be balanced and with more revenues

By The Star Staff

Treasury Secretary Francisco Parés Alicea says the budget for the next fiscal year that begins July 1 will be a balanced one and with more revenues than expenses.

He said the yearly General Fund net income as of April 2023 reached $10.2 billion, representing an increase of $21 million compared to the same period last year.

“The importance of these revenues is significant, even when the implementation of Act 52 in February impacted revenues in the first quarter. We will end the fiscal year with a balanced budget, where revenues will exceed expenses, and we will comply with all the government’s obligations and debt,” said Parés Alicea in written statements.

He mentioned that, in April, revenues reached $1.8 billion, a figure that is $165.6 million less than that collected in April 2022. Despite this decrease, the Financial Oversight and Management Board revised its annual projection for the fiscal year 2023, going from $11.1 billion to $12.8 billion.

“This revision was needed because revenue through March exceeded the original projection by $1.1 billion. In addition, a new tax regime for foreign entities went into effect when Act 52 began in February. Based on this revised projection, April revenue should have been $284 million above grosses,” he added.

He stated that although the revenue in February and March was below what was collected during the same period in 2022, the Oversight Board estimates an increase of $425.7 million for fiscal 2023 compared to 2022. In addition, projected income for the tax year includes $1 billion from other concepts, resulting in $13.9 billion.

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