retail news in context, analysis with attitude

Bloomberg reports that the Walmart's Puerto Rico unit sued the island’s government, seeking to overturn a new tax the retailer calls unfairly high" - up from two percent to 6.5 percent "on goods imported from offshore affiliates to local companies with gross revenues of more than $2.75 billion."

The increase, the story says, "comes as the U.S. commonwealth struggles to restructure $70 billion in debt, more than every U.S. state but New York and California. This week, the U.S. Supreme Court agreed to consider reinstating a law that would let Puerto Rico’s debt-ridden public utilities restructure their obligations."
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