CHICOPEE, Mass. (WWLP) – Sales tax in Puerto Rico will increase by 4-and-a-half percent starting Wednesday, from 7 to 11-and-a-half.
It’s one measure being taken to address the U.S. territory’s current economic crisis. Puerto Rico’s governor said this week they cannot repay $72 billion dollars in debt.
Governor Alejandro Garcia Padilla has created a financial task force to restructure public debt. He said they’ll have to reach an agreement with creditors to postpone debt payments so money can be invested in job creation to accelerate the economy.