Havana, July 24 — The Cuban parliament has approved a new tax law designed to cope with the country's growing private sector.
Tax System Act, which stipulates 25 categories of taxes, will come into
force in January 2013 and put an end to Cuba's current tax regime
established in 1994, reported Xinhua.
predecessor, the new tax law include articles on private-sector profits
and employment, ownership of agricultural lands, land transactions, as
well as personal income.
However, Cuban Finance
Minister Lina Pedraza said the tax on personal incomes and housing
ownership would not be implemented soon since "conditions are not yet
Pedraza said the new tax law, the result of
extensive consultations lasting for seven months among lawmakers,
academics, and officials, was "more flexible" and would be applied
"gradually" so as to ensure the national income and promote sectors
conducive to socio-economic development of the country.
private sector has witnessed rapid growth since the authorities
loosened control in a bid to revitalize the country's stagnant economy.
figures showed Cuba's private-sector workforce grew to 390,000 at the
end of June, up nearly 3,000 from the previous month.
Source: NY Daily News
See also: Aprobada nueva Ley Tributaria por el Parlamento Cubano