July 11 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
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)