Wal-Mart Blasts 'Unlawful' Puerto Rico Alternative Biz Tax
By Hannah Sheehan (May 18, 2016, 12:41 PM EDT) -- Wal-Mart's Puerto Rican subsidiary urged the First Circuit Tuesday to uphold a lower court's ruling barring the commonwealth from collecting an alternative corporate income tax, calling the tax discriminatory and lethal.
Wal-Mart Puerto Rico Inc. said the Puerto Rico federal court got it right by finding that the transfer-based corporate alternative minimum tax unfairly applies only to out-of-state businesses' transfers of goods and services to their Puerto Rican subsidiaries, and claiming the company was unlawfully forced to pay 114 percent of its annual income in income tax in its last fiscal year.
The Wal-Mart subsidiary said it was forced to hand...
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