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Puerto Rico revenues up 5.5 pct in fiscal 2014-estimates
July 11, 2014 / 2:05 PM / in 3 years

Puerto Rico revenues up 5.5 pct in fiscal 2014-estimates

July 11 (Reuters) - Puerto Rico’s revenues rose 5.5 percent during fiscal 2014 to end the year at $9.037 billion, which was still $488 million below the U.S. territory’s budget estimates, according to a preliminary report released by its treasurer on Friday.

Corporate income tax collections for the fiscal year that ended on June 30 rose 49 percent to $1.914 billion. The excise tax on foreign corporations - known as Act 154 - increased 17 percent from fiscal 2013 to $1.902 billion.

Total Sales and Use Tax collections reached the highest annual level in Puerto Rico history, $1.242 billion, according to Treasury Secretary Melba Acosta Febo. That money was roughly split, with $644 million going to the island’s sales tax financing corporation, known as COFINA, for debt service, and $595 million deposited into the general fund. (Reporting By Lisa Lambert; Editing by Dan Burns)

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