Puerto Rico Revenue Surpasses Budgeted Estimate by $940 Million

Puerto Rico revenue collections for the first half of fiscal 2022 exceeded budgeted estimates by $940 million as tax receipts from corporations, individuals and sales came in better than expected.

The commonwealth, which aims to finalize its record bankruptcy in the next couple of months, brought in $5.27 billion of revenue between July and December, about 22% more than the $4.33 billion assumed, Treasury Secretary Francisco Pares Alicea said in a statement Tuesday.

“These are positive economic indicators, but they do not rule out the current challenges we face, such as the implementation of structural reforms and the reformulation of ...