Francisco Paris says goodbye to the closet, remembering the benefits of his “friend” Suri

Until today Secretary of the Ministry of Finance (DH), Francisco Paris AliciaHe bid farewell to his duties, pointing to the oversight efforts, digitization of systems, simplification of operations, and increase in collections recorded by the agency during his term.

Through a press release, and based on a study conducted by Advantage Business Consulting, the chartered accountant also reconsidered the measures he applied in his position and highlighted the benefits left by his “girlfriend” – as he described her on more than one occasion. -SURI is not only for the government of Puerto Rico, but also for taxpayers.

“SURI is undoubtedly the most high-profile and ambitious reform announced by the Treasury. This platform allows for the integration and simplification of tax and income management and provides the tools necessary to efficiently manage all taxpayer information, in a central platform.

The aforementioned analysis estimated that if the Treasury Department continued to perform all the “manual” tasks it performed before implementing SURI, “an additional 303 employees would be needed, with direct costs of approximately $12 million each year.”

As part of the benefits of this implementation, an average annual gap between FY 2017 and FY 2023 of approximately $225 million per year emerged between the econometric model and actual recorded collections.

“In other words, the Treasury collected, on average, $225 million more annually from individual taxpayers than the economic forecasting variables indicated,” Paris-Alesia said.

To date, the official also confirmed that during the fiscal year 2023, it was observed that the income generated from corporate tax increased significantly.

“This is not attributable to economic conditions or compliance efforts. Instead, it can be primarily attributed to the application of Law 52. This law allowed foreign subsidiaries to opt out of their existing tax regime under Law 154-2010, thus increasing their tax revenues.” Companies.

Paris Alessia ended his term as Treasury Secretary today, after submitting his resignation on January 12.