The revenues of the General Fund increase in January and February 2022

The revenues of the General Fund increase in January and February 2022

General Fund net income for January and February 2022 reached $ 999.8 million and $ 906.4 million, respectively, which is more than 20% higher than that collected in the same periods of fiscal year 2021.the head of the Treasury Department indicated in a statement.

“For the accumulated fiscal period from July to February, this represented $ 426.8 million or 6.3% more than last fiscal year,” said Francisco Parés.who recalled that on January 27, 2022 the Fiscal Oversight Board (JSF) certified a new Revised Tax Plan with the projections of economic growth and treasury income.

“The main items examined in the new Tax Plan were corporate income tax revenues, which increased by $ 328.7 million; collected by the SUT, journals of $ 213 million and income from individuals, the review of which represented an additional $ 176.2 million. It should be noted that none of the main income rubles represented a reduction in the revision of the expected income, ”the official pointed out.

Comparing the accumulated receipts to February 2022, using the accrual method (“provisioning”), the receipts in fiscal 2022 exceed the accumulated income level for fiscal 2021 by $ 906.1 million. As for the projection, recently revised at the end of January, the proceeds in February exceed the same of 423 million dollars or 6.8%.

The Irpef component turned out to be a substantial item of the increase reflected in the cumulative period of the 2022 financial year. The personal tax line exceeded the collection level of the previous fiscal year by 39%. Part of this growth responds to the salary retention component.

Likewise, the corporate income tax exceeded that collected last year by 28.3%. The retail and administrative sectors in solid waste management were those with the highest growth since February of fiscal 2021.

IVU collections

For the accumulated period up to February, The amount collected by the IVU exceeded the income of the previous year by 12%. However, for the first time, in fiscal year 2022, February ended with lower revenues than those recorded in the same month of the previous fiscal year.

The retail and wholesale sector suffered from a slowdown, which could be related to the excess inventory of the previous months, which is credited and adjusted in the contribution to be paid for the month.

As for the Internet IVU, the accumulated income for fiscal year 2022 as of February, recorded a 27% increase. This increase is associated with changes in consumption patterns and consumer preference for internet shopping.

The SUT component for medical cannabis sales in August of fiscal year 2022 suffered a steady decline. During the month of February 2022, it presented the largest reduction of $ 924,000 less than it raised in 2021, the same month. Collections accumulated in February 2022 for cannabis were reduced by $ 3.4 million or 15.2%. This sector spoke of an alleged saturation of the market as a determining factor for this performance.

Collections accumulated in motor vehicles in February 2022 exceeded the amount collected during the previous fiscal year by $ 37.1 million.

Cars on the tax scales of $ 21,380 to $ 31,780 were the most favored over the months of January and February 2021.

The collections accumulated in February for the The excise duty on rum is $ 17.8 million below the income levels received in the same period of fiscal year 2021. However, this is $ 38.7 million higher than the figure provided by the Council.

As regards the income paid by foreign entities, in the months of January and February 2022, the amount collected as excise duty pursuant to Law 154-2010 was equal to 231.5 million dollars, which compared to the fiscal year 2021, represented an increase of $ 27 million. Comparing the accumulated income to the tax projection, the amount raised represents $ 11.8 million less than the estimate.