San Juan- “After completing a successful tax cycle, revenues at the close of April amount to $10,966.4 million, exceeding estimates through that date by $590 million,” Treasury Secretary Ángel Pantoja Rodríguez said in a written statement.
April alone closed with net revenues of $1.945 billion, surpassing the monthly projection by $239.2 million, or 14.0%. Compared to the same month of the prior fiscal year, revenues grew by $195.6 million, or 11.2%.
On a year-over-year basis, the cumulative figure shows a nominal decline of 0.7% compared to the first ten months of fiscal year 2025. Pantoja Rodríguez attributed the gap to a deferral of payment deadlines during 2024 that pushed approximately $174.3 million in revenues into that prior period. Adjusted for that effect, year-over-year growth stands at 0.9%.
“This variation must be interpreted in the context of a postponement of payment dates during 2024, which had the effect of deferring revenues of approximately $174.3 million. Neutralizing and adjusting for the effect of that postponement, we see a positive year-over-year variation of 0.9%,” he said.
Income Tax Drives April Surge
The income tax was the primary driver of April’s strong performance, generating $1.318 billion for the month. The individual income tax contributed $578.7 million — $87.8 million above projections and $300,000 more than in April of fiscal year 2025. Through the first ten months of the fiscal year, individual income tax collections reached $2.588 billion, exceeding projections by $335.8 million.
Corporations posted the strongest monthly result of the fiscal year in April, contributing $611.5 million — $133.9 million above projection and $188.1 million more than the same month a year earlier. Despite that surge, cumulative corporate collections of $2.334 billion remain $15.1 million below the year-to-date projection, though the secretary noted that the gap has narrowed compared to prior months.
Withholding payments from non-residents — covering royalties and the external sector — totaled $74.1 million in April, $25.2 million above the monthly projection. Through April, that category has accumulated $963.4 million, exceeding projections by $290.2 million and surpassing the prior fiscal year’s figure by $91.7 million.
Sales Tax Runs Ahead of Target
Sales and use tax collections reached $335.5 million in April, coming in $35.1 million above the monthly projection — a 11.7% beat. The category grew $13.9 million, or 4.3%, compared to April of the prior fiscal year.
Cumulatively, sales and use tax revenues totaled $2.519 billion through the first ten months of the fiscal year, $175.1 million ahead of projections and $80.8 million above collections recorded during the same period of fiscal year 2025.
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