Puerto Rico July tax revenue beats forecast on excise tax

NEW YORK Mon Aug 11, 2014 12:36pm EDT

NEW YORK Aug 11 (Reuters) - Puerto Rico's tax revenues rose 26 percent to $624 million in July, exceeding the government's forecast for the first month of fiscal 2015 by $37 million due mainly to higher-than-expected collections of foreign corporation excise tax.

Despite beating forecasts in overall collection estimates, Puerto Rico missed forecasts in important taxes, according to the release dated Aug. 7. Individual income tax was $15.1 million below forecast at $142.1 million, and corporate tax was $3.7 million below forecast at $99.3 million. (Reporting by Edward Krudy; Editing by Chizu Nomiyama)