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Tuesday, April 25, 2006 

Tuesday, April 25, 2006

2007 income projection increases to $9.684 billion

SAN JUAN (EFE) – Treasury Secretary Juan Carlos Méndez said Tuesday that the net income projection to the General Fund for Fiscal Year 2007 totals $9.684 billion, if a tax reform with a 7% sales tax is approved.

Méndez explained during a hearing of the House Budget Committee that the collections estimate for Fiscal Year 2007 represents an increase of $789 million, compared to Fiscal Year 2006.
However, he said that "if the tax reform is not approved, the estimate of net income to the General Fund would be $9.188 billion".

"The income projection to the General Fund for Fiscal Year 2007 includes the income that would be generated by the approval of a tax reform, if approved, to go into effect in Fiscal Year 2007," the official said.

He also added that "it is estimated that the sales and services tax, using a 7% rate. . . would generate some $1.383 billion for the General Fund, after deducting the 1.5% for the municipalities and the 1% for the extra constitutional debt".

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