Puerto Rico's tax revenue collection in July was ahead of projections, the U.S. commonwealth's treasury secretary said on Wednesday, a positive start to the new fiscal year for an island struggling with bankruptcy and a 45 percent poverty rate, Reuters reported yesterday. "I think we are going to be $20 to $30 million over the forecast," Raul Maldonado, said on Wednesday. The revenue collection forecast for July, the start of the 2017-2018 fiscal year, was $600.8 million, his office said. In the prior fiscal year, Puerto Rico's tax collections exceeded forecasts by $234.9 million, or 2.6 percent, to $9.33 billion. The main drivers for increased tax collection came from the foreign corporations excise tax, the Sales and Use Tax and the motor vehicle excise tax.
For updated news and analysis of Puerto Rico's debt crisis, along with current docket filings in Puerto Rico's case, be sure to visit ABI's "Puerto Rico in Distress" webpage.
