Puerto Rico's net revenue was 6.3% ahead of projections in July.
July's revenues came in at $624 million, 26.1% more than July 2013, according to the Puerto Rico Treasury.
"Preliminary revenues for July 2014 are a good sign for the beginning of fiscal year 2015," said Treasury Secretary Melba Acosta Febo.
The improved collections were mainly the result of a $148 million year-over-year increase in foreign corporation excise tax. July 2013 was the last month the rate was 2.75%. It then rose to 4%. Revenues for July from this tax were $75 million or 36% more than projected.
Corporate income tax revenue was also up by $16.1 million compared to July 2013. Yet the total of $99.3 million was $3.7 million or 3.6% less than what had been projected for July.
Excise tax revenues on the off-shore shipment of rum were down $13.6 million from July 2013. "This reduction is due to a decline in the reimbursement per gallon of rum to $10.50 in July 2014 compared to $13.25 in July 2013," Acosta Febo said. "It is expected that during this fiscal year, as in previous years, a tax extender will be approved retroactively and this excise tax will again be $13.25 per gallon."
Sales and Use Tax revenues are siphoned to the Puerto Rico Sales and Use Tax Financing Corporation (COFINA) in July and other early months of the fiscal year.
The Commonwealth's SUT rate has gone up to 6%. The municipalities get an additional 1%. In July 2013 there was a tax amnesty that led to additional SUT revenues. If these differences between July and July 2013 are adjusted for, SUT revenues were up 5.7%, Acosta Febo said.
