Puerto Rico’s July Revenue Comes in $7.4 Million Above Forecastby
Commonwealth collected $665.1 million of tax receipts in July
Taxes on foreign manufacturers, businesses boost collections
Puerto Rico’s revenue collections for the first month of the fiscal year came in above budgeted estimates, a positive start after receipts came in below the island’s projections last year.
The commonwealth’s general fund revenue in July totaled $665.1 million, $7.4 million more than expected, with tax receipts on foreign manufacturers and business coming in better than anticipated, Treasury Secretary Juan Zaragoza said in a statement Monday. Revenue collections for July were $38.6 million more than a year earlier.
July revenue from sales and use taxes totaled $209.5 million, with $119.7 million going to repay sales-tax bonds, called Cofinas by their Spanish acronym, and about $90 million going to the general fund, according to Zaragoza.
Puerto Rico collected $9.7 billion of general-fund revenue in fiscal 2016, $117 million below budgeted estimates, as individual and corporate tax receipts lagged projections.