Small businesses in Puerto Rico take a hit

Global Business

Small businesses in Puerto Rico take a hit .00_01_25_15.Still003

Is Puerto Rico becoming the “Greece of the Caribbean?” With the cost of doing business in Puerto Rico climbing higher, many small businesses complain about taxes that are climbing, too. CCTV’s Nitza Soledad Perez filed this report.

Small businesses in Puerto Rico take a hit

Small businesses in Puerto Rico take a hit

Is Puerto Rico becoming the "Greece of the Caribbean?" With the cost of doing business in Puerto Rico climbing higher, many small businesses complain about taxes that are climbing, too. CCTV's Nitza Soledad Perez filed this report.

More details:

  • With double digit unemployment and debt around 70 percent of the island’s annual economic output, cash-strapped Puerto Rico just implemented a new sales tax.
  • The island’s government says the new sales tax will generate another 1.2 billion in revenue, but at a big cost to consumers.
  • While credit unions are helping solve the financial squeeze on small businesses, the unsolved issue is the big credit crunch, squeezing the island’s economy.