As part of its plan to raise more money, Puerto Rico more than doubled the tax on goods that big companies like Walmart bring in from suppliers outside the island. The hike only applies to big companies with revenues over $2.75 billion a year.
“No government should be permitted to drive a company — the largest private employer — out of business through a special tax applicable at its highest rate only to that company,” Walmart asserts in the legal complaint that it filed on Friday.
“We continue to question if Washington is prepared to offer material help to Puerto Rico. This suggests more defaults are likely as the Puerto Rican government appears to lack the ability to meet its debt obligations, wrote Jaret Seiberg of Guggenheim Partners in a note to clients.