July 2024

Collection: Government Financials
Sub-shelf: BIR Tax Collection Reports
Kind: Financial Report
Date: 2024
Topics: Public Finance
Pages: 1
Text: Native Text

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BUREAU OF INTERNAL REVENUE FISCAL YEAR 2024 JULY MONTHLY COLLECTION REPORT Collection Collection Cummulative Collection Collection Cummulative Collection Collection Cummulative Collection Collection Collection Cummulative Cummulative Cummulative FY 2023 FY 2024 FY 2024 FY 2023 FY 2024 FY 2024 FY 2023 FY 2024 FY 2024 FY 2023 FY 2024 FY 2022 & FY 2023 % FY 2023 FY 2024 FY 2022 & FY 2023 % Jul-23 Jul-24 Jul-24 Jul-23 Jul-24 Jul-24 Jul-23 Jul-24 Jul-24 Jul-23 Jul-24 Difference INC/DEC Jul-23 Jul-24 Difference INC/DEC Individual Income 2,453,655.12 $ 1,327,810.49 $ 49,944,984.55 $ 56,723.07 $ 66,521.09 $ 4,427,490.02 $ 633,897.95 $ 583,650.11 $ 20,367,840.69 $ 3,144,276.14 $ 1,977,981.69 $ (1,166,294.45) $ -37% 103,168,164.27 $ 74,740,315.26 $ (28,427,849.01) $ -28% Estimated Tax 971,989.00 $ 744,885.00 $ 29,706,159.44 $ 50,908.00 $ 67,793.00 $ 2,191,731.00 $ 273,964.69 $ 236,643.23 $ 13,145,071.32 $ 1,296,861.69 $ 1,049,321.23 $ (247,540.46) $ -19% 40,973,223.75 $ 45,042,961.76 $ 4,069,738.01 $ 10% Withholding Tax 9,284,543.02 $ 9,987,651.33 $ 121,445,940.61 $ 329,663.24 $ 357,254.83 $ 3,371,561.29 $ 4,001,253.36 $ 3,951,558.83 $ 44,787,122.28 $ 13,615,459.62 $ 14,296,464.99 $ 681,005.37 $ 5% 172,527,057.33 $ 169,604,624.18 $ (2,922,433.15) $ -2% Individual Extension - $ - $ 42,351,999.07 $ - $ - $ 631,229.00 $ - $ - $ 16,515,086.00 $ - $ - $ - $ 0% 61,507,296.50 $ 59,498,314.07 $ (2,008,982.43) $ -3% Military (Riemb) - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 0% - $ - $ - $ 0% Individual Income Tax Sub-Total 12,710,187.14 12,060,346.82 243,449,083.67 437,294.31 491,568.92 10,622,011.31 4,909,116.00 4,771,852.17 94,815,120.29 18,056,597.45 17,323,767.91 (732,829.54) $ -4% 378,175,741.85 348,886,215.27 29,289,526.58 -8% Corporate Income 429,490.54 $ 355,355.67 $ 7,643,786.47 $ - $ - $ 125,188.00 $ 7,606.72 $ 74,353.24 $ 2,126,225.12 $ 437,097.26 $ 429,708.91 $ (7,388.35) $ -2% 12,238,648.30 $ 9,895,199.59 $ (2,343,448.71) $ -19% Corporate Estimated 237,015.00 $ 713,226.00 $ 14,169,939.99 $ - $ - $ 92,918.00 $ 33,547.00 $ 138,356.00 $ 11,283,017.00 $ 270,562.00 $ 851,582.00 $ 581,020.00 $ 215% 23,271,377.22 $ 25,545,874.99 $ 2,274,497.77 $ 10% Corporate Extension - $ 164,000.00 $ 8,731,019.12 $ - $ - $ 4,000.00 $ - $ - $ 6,305,036.95 $ - $ 164,000.00 $ 164,000.00 $ 0% 34,855,835.26 $ 15,040,056.07 $ (19,815,779.19) $ -57% Corporate Income Tax Sub-Total 666,505.54 1,232,581.67 30,544,745.58 0.00 0.00 222,106.00 41,153.72 212,709.24 19,714,279.07 707,659.26 1,445,290.91 737,631.65 $ 104% 70,365,860.78 50,481,130.65 19,884,730.13 -28% Total Income Taxes 13,376,692.68 13,292,928.49 273,993,829.25 437,294.31 491,568.92 10,844,117.31 4,950,269.72 4,984,561.41 114,529,399.36 18,764,256.71 18,769,058.82 4,802.11 $ 0% 448,541,602.63 399,367,345.92 49,174,256.71 -11% Gross Receipts Tax* ` 11,535,872.98 $ 14,705,776.22 $ 134,465,344.41 $ 826,592.88 $ 935,998.15 $ 8,826,775.69 $ 4,221,701.97 $ 3,864,007.08 $ 37,784,135.97 $ 16,584,167.83 $ 19,505,781.45 $ 2,921,613.62 $ 18% 178,212,534.59 $ 181,076,256.07 $ 2,863,721.48 $ 2% Excise Tax 2,346,014.25 $ 2,864,098.73 $ 26,854,647.60 $ 98.00 $ 48.00 $ 540.00 $ 353,285.70 $ 231,569.77 $ 3,513,390.96 $ 2,699,397.95 $ 3,095,716.50 $ 396,318.55 $ 15% 30,849,298.73 $ 30,368,578.56 $ (480,720.17) $ -2% Entertainment Tax - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 0% - $ - $ - $ 0% Franchise Fee - $ 167,730.34 $ 664,438.41 $ - $ - $ - $ - $ - $ - $ - $ 167,730.34 $ 167,730.34 $ 0% 497,333.44 $ 664,438.41 $ 167,104.97 $ 34% Miscellaneous, Photo Copy, Etc. 1,237.00 $ 3,115.00 $ 23,989.00 $ - $ - $ - $ 1,938.50 $ 919.00 $ 11,302.00 $ 3,175.50 $ 4,034.00 $ 858.50 $ 27% 35,109.20 $ 35,291.00 $ 181.80 $ 1% Environmental Infrastructure Impact Fee 85% 153,531.68 $ 625,025.40 $ 3,893,736.95 $ - $ - $ - $ 1,933.75 $ 1,487.50 $ 11,602.50 $ 155,465.43 $ 626,512.90 $ 471,047.48 $ 303% 3,515,005.46 $ 3,905,339.45 $ 390,333.99 $ 11% Total Other General Fund Taxes 14,036,655.91 18,365,745.69 165,902,156.37 826,690.88 936,046.15 8,827,315.69 4,578,859.92 4,097,983.35 41,320,431.43 19,442,206.71 23,399,775.19 3,957,568.49 $ 20% 213,109,281.42 216,049,903.49 2,940,622.07 1% 27,413,348.59 31,658,674.18 439,895,985.62 1,263,985.19 1,427,615.07 19,671,433.00 9,529,129.64 9,082,544.76 155,849,830.79 38,206,463.42 42,168,834.01 3,962,370.60 $ 10% 661,650,884.05 615,417,249.41 46,233,634.64 -7% Special Funds Fuel Tax (Transportation Fund/WAPA Instructure)*** 168,495.18 $ 419,376.72 $ 3,473,626.25 $ - $ - $ - $ 212,900.10 $ 26,614.00 $ 496,735.52 $ 381,395.28 $ 445,990.72 $ 64,595.44 $ 17% 3,394,941.86 $ 3,970,361.77 $ 575,419.91 $ 17% Highway Users' Tax (Transportation Fund) 150,966.24 $ 184,146.08 $ 1,820,920.44 $ 9,295.04 $ 9,756.00 $ 97,968.48 $ 125,713.12 $ 128,217.44 $ 1,429,876.04 $ 285,974.40 $ 322,119.52 $ 36,145.12 $ 13% 3,400,315.62 $ 3,348,764.96 $ (51,550.66) $ -2% Hotel Room Tax 1,427,990.69 $ 2,465,518.94 $ 23,681,530.18 $ 151,519.89 $ 171,304.88 $ 1,755,817.08 $ 274,971.89 $ 174,397.61 $ 3,461,326.76 $ 1,854,482.47 $ 2,811,221.43 $ 956,738.96 $ 52% 13,610,964.80 $ 28,898,674.02 $ 15,287,709.22 $ 112% Non-Hotel Room Tax 628,785.09 $ 1,312,339.61 $ 10,220,117.47 $ 319,350.63 $ 463,626.36 $ 3,912,059.81 $ 69,868.60 $ 56,622.93 $ 897,987.05 $ 1,018,004.32 $ 1,832,588.90 $ 814,584.58 $ 80% 21,891,131.94 $ 15,030,164.34 $ (6,860,967.60) $ -31% Environmental Infrastructure Impact Fee 15% 27,093.82 $ 110,298.60 $ 687,130.05 $ - $ - $ - $ 341.25 $ 262.50 $ 2,047.50 $ 27,435.07 $ 110,561.10 $ 83,126.03 $ 303% 620,295.08 $ 689,177.55 $ 68,882.47 $ 11% Gross Casino (Casino Revenue Fund) - $ - $ 89,131.74 $ - $ - $ - $ 149,997.82 $ 156,323.30 $ 1,720,572.24 $ 149,997.82 $ 156,323.30 $ 6,325.48 $ 4% 1,800,420.91 $ 1,809,703.98 $ 9,283.07 $ 1% Racino - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 0% - $ - $ - $ 0% Lonesome Dove Fund 350,000.00 $ - $ 875,000.00 $ - $ - $ - $ - $ - $ - $ 350,000.00 $ - $ (350,000.00) $ -100% 2,505,000.00 $ 875,000.00 $ (1,630,000.00) $ -65% Arbitration Deposit - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 0% - $ - $ - $ 0% Production Tax - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 0% - $ - $ - $ 0% Vehicle Rental Surcharge (VI Education Initiative Fund) 113,657.75 $ 210,507.00 $ 929,466.48 $ 40,752.50 $ 57,450.75 $ 248,625.63 $ 46,905.00 $ 92,408.75 $ 516,212.32 $ 201,315.25 $ 360,366.50 $ 159,051.25 $ 79% 1,414,099.13 $ 2,337,182.43 $ 923,083.30 $ 65% Investment Alternative Tax - $ - $ 365,371.50 $ - $ - $ 96,353.64 $ 30,853.67 $ 32,180.03 $ 277,599.81 $ 30,853.67 $ 32,180.03 $ 1,326.36 $ 4% 702,494.13 $ 96,446.95 $ (606,047.18) $ -86% Total Special Funds Revenue 2,866,988.77 4,702,186.95 42,142,294.11 520,918.06 702,137.99 6,110,824.64 911,551.45 667,026.56 8,802,357.24 4,299,458.28 6,071,351.50 1,771,893.22 $ 41% 49,339,663.47 57,055,476.00 7,715,812.53 16% TOTAL MONTHLY REVENUE COLLECTIONS 30,280,337.36 $ 36,360,861.13 $ 482,038,279.73 $ 1,784,903.25 $ 2,129,753.06 $ 25,782,257.64 $ 10,440,681.09 $ 9,749,571.32 $ 164,652,188.03 $ 42,505,921.70 $ 48,240,185.51 $ 5,734,263.82 $ 13% 710,990,547.52 $ 672,472,725.41 $ (38,517,822.11) $ -5% Total of All Islands Class of Tax Total General Fund Revenue St. Thomas St. John St. Croix