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Walmart Puerto Rico Battles Tripled Import Levy In Newly Filed Suit

December 6, 2015: 12:00 AM EST
Puerto Rico’s largest employer has sued the territory in a federal court to abolish what Walmart feels is an unfairly burdensome new import tax. The island has raised to 6.5 percent (from two percent) a tax on goods imported from offshore affiliates to local firms whose gross revenues are higher than $2.75 billion. Puerto Rico is struggling to restructure more than $70 billion in debt. Walmart Puerto Rico said in its complaint that the new levy pushes the cumulative income tax on it “to an astonishing and unsustainable 91.5 percent of its net income.”
Andrew M Harris, "Wal-Mart Sues Puerto Rico Over ‘Astonishing’ Tax Increases", Bloomberg, December 06, 2015, © Bloomberg L.P.
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