"This has definitely had an impact on everyone," said Eugenio Alonso, president and CEO of Consumer Credit Counseling, noting that electricity costs are already on average double those on the mainland. "Business owners are saying, 'I can't do this anymore given the costs.' They declare bankruptcy or simply close."The new business tax is expected to generate nearly $500 million a year and applies to gross sales of companies generating $1 million or more a year. Another new tax applies to commercial bank transactions.
Life In Puerto Rico Becomes Costlier Amid Crisis
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