Puerto Rico’s First-Quarter Revenue Tally Exceeds Estimates
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Puerto Rico collected $10.4 million more revenue in the past three months than it counted on as the self-governing commonwealth cracks down on tax cheats.
Governor Alejandro Garcia Padilla, 42, who took office in January, increased taxes and implemented new ones to balance the budget for the fiscal year that began July 1. The island, whose credit rating is one step above junk, collected about $1.7 billion for its general fund from July through September. That’s a 5.4 percent increase over the same period last year, according to Treasury Secretary Melba Acosta.