{"id":60266,"date":"2018-03-15T14:25:00","date_gmt":"2018-03-15T13:00:00","guid":{"rendered":"http:\/\/hispanicprwire.com\/english-cofina-constituents-set-the-record-straight-with-facts-on-sales-use-tax-collection-data\/"},"modified":"2018-03-15T14:28:02","modified_gmt":"2018-03-15T18:28:02","slug":"miembros-de-cofina-ponen-las-cosas-en-claro-con-datos-sobre-recaudacion-del-impuesto-sobre-ventas-y-uso","status":"publish","type":"post","link":"https:\/\/hispanicprwire.com\/en\/miembros-de-cofina-ponen-las-cosas-en-claro-con-datos-sobre-recaudacion-del-impuesto-sobre-ventas-y-uso\/","title":{"rendered":"COFINA Constituents Set the Record Straight with Facts on Sales &amp; Use Tax Collection Data"},"content":{"rendered":"<p><\/p>\n<style type=\"text\/css\"><![CDATA[\n\/* Style Definitions *\/\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n]]><\/style>\n<div class=\"xn-content\">\n<p><span class=\"xn-location\">NEW YORK<\/span>, <span class=\"xn-chron\">March 15, 2018<\/span> \/PRNewswire-HISPANIC PR WIRE\/ &#8212; A group of COFINA constituents that includes Ambac, the COFINA Seniors Coalition, National Public Finance Guarantee Corporation and the Puerto Rico Funds, which collectively accounts for more than <span class=\"xn-money\">$6.5 billion<\/span> of bonds issued by the Puerto Rico Sales Tax Financing Corporation (&#8220;COFINA&#8221;), released the following statement today regarding the <span class=\"xn-chron\">January 2018<\/span> revenue report issued by the Government of <span class=\"xn-location\">Puerto Rico<\/span> on <span class=\"xn-chron\">March 8<\/span>: <\/p>\n<p><b>&#8220;As the citizens of <span class=\"xn-location\">Puerto Rico<\/span> look to their government for leadership and transparency, we are concerned that the public&#8217;s continued receipt of inaccurate information about the island&#8217;s financial situation now extends to Sales &amp; Use Tax (&#8220;SUT&#8221;) collections. This troubling pattern is adversely impacting every one of <span class=\"xn-location\">Puerto Rico&#8217;s<\/span> residents and stakeholders by extending \u2013 rather than accelerating \u2013 the expensive restructuring process as well as critical post-hurricane recovery efforts intended to revitalize the island. The latest misrepresentations can be found in last week&#8217;s report on net revenues, which distorts SUT collection data. <\/b><\/p>\n<p><b>The truth, which was omitted from last week&#8217;s report, is that post-hurricane SUT collections are strong and they continue to trend upward despite ongoing power outages and the full SUT exemptions that the government invoked for small businesses, mid-size enterprises and prepared foods between <span class=\"xn-chron\">November 2017<\/span> and <span class=\"xn-chron\">January 2018<\/span>. The government&#8217;s report did not account for these exemptions, which reduced revenues by approximately <span class=\"xn-money\">$60 million<\/span>. Adjusting for the government&#8217;s decision to reduce revenues, year-over-year SUT collections are down approximately 6% through <span class=\"xn-chron\">March 2, 2018<\/span>. This figure is far smaller than the misleading 11% decline reported by the government<\/b><b><b><sup>[1]<\/sup><\/b><\/b><b>,<\/b><b> and it reinforces the fact that SUT collections remain robust even in the aftermath of recent devastating hurricanes. <\/b><\/p>\n<p><b>In addition, <span class=\"xn-location\">Puerto Rico&#8217;s<\/span> Treasury Department attributes lower SUT revenue flowing to the General Fund to the fact that the required buildup of cash within the COFINA structure concluded in February instead of in early January, as was the case in 2017. Last week&#8217;s report does not mention that the Government of <span class=\"xn-location\">Puerto Rico<\/span> enacted Law 84, which altered the flow of funds to COFINA by redirecting 0.5% of the SUT to municipalities beginning in <span class=\"xn-chron\">July 2017<\/span>. Had this change not been made, COFINA would have been funded in <span class=\"xn-chron\">January 2018<\/span>. <\/b><\/p>\n<p><b>Looking ahead, there is real cause for optimism based on data that indicate <span class=\"xn-chron\">February 2018<\/span> SUT collections are in-line with <span class=\"xn-chron\">February 2017<\/span> figures. COFINA, which is the most widely-held bond issuance among local savers and retirees, remains <span class=\"xn-location\">Puerto Rico&#8217;s<\/span> most affordable vehicle to re-access the capital markets going forward. The structure has consistently provided financing at a lower cost than General Obligation debt. These are just a few of the reasons why we call on the administration to shift from obfuscating the facts and undermining COFINA to driving a transparent, pro-growth agenda for the future.&#8221;\u00a0 <\/b><\/p>\n<p>For a copy of <span class=\"xn-person\">Miller Buckfire<\/span> &amp; Company&#8217;s analysis of SUT collection data, please reach out to:\u00a0 <a href=\"mailto:Greg.Marose@edelman.com\" rel=\"nofollow\">Greg.Marose@edelman.com<\/a> and <a href=\"mailto:Nicole.Briguet@edelman.com\u00a0\u00a0\" rel=\"nofollow\">Nicole.Briguet@edelman.com\u00a0\u00a0<\/a> <\/p>\n<p><\/p>\n<p>[1] Press release titled &#8220;Puerto Rico Treasury Reports Net Revenues to the General Fund for <span class=\"xn-chron\">January 2018<\/span>&#8221; dated <span class=\"xn-chron\">March 8, 2018<\/span>.<\/p>\n<p>SOURCE  Group of COFINA Constituents<\/p>\n<\/div>\n<p> <\/p>","protected":false},"excerpt":{"rendered":"<div class=\"xn-content\">\n<p><span class=\"xn-location\">NEW YORK<\/span>, <span class=\"xn-chron\">March 15, 2018<\/span> \/PRNewswire-HISPANIC PR WIRE\/ &#8212; A group of COFINA constituents that includes Ambac, the COFINA Seniors Coalition, National Public Finance Guarantee Corporation and the Puerto Rico Funds, which collectively accounts for more than <span class=\"xn-money\">$6.5 billion<\/span> of bonds issued by the Puerto Rico Sales Tax Financing Corporation (&#8220;COFINA&#8221;), released the following statement today regarding the <span class=\"xn-chron\">January 2018<\/span> revenue report issued by the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-60266","post","type-post","status-publish","format-standard","hentry","category-negocios-y-finanzas"],"acf":[],"_links":{"self":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts\/60266","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/comments?post=60266"}],"version-history":[{"count":0,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts\/60266\/revisions"}],"wp:attachment":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/media?parent=60266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/categories?post=60266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/tags?post=60266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}