Cuba reduces taxes on private sector as part of monetary overhaul

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As part of its ongoing currency reordeering Cuba is reducing the tax burden on the private sector, Yoandra Cruz, First Deputy Chief of the National Tax Administration Office (ONAT), said.

According to the official, there are shifts in place that favor non-state businesses, such as the increase in the minimum tax exemption which goes from 10,000 pesos to 39,120 pesos annually.

Speaking on national television, Cruz stated that 100 percent of the deductible expenses of the income obtained is also recognized, as part of the changes introduced by the monetary overhaul process.

However, she clarified that they must justify 80 percent of the amount as a control measure.

These measures will take effect in 2022, when the affidavit corresponding to the current year is presented, Cruz pointed out.

The campaign to pay taxes on the preceding 12 months will begin on January 28 and those self-employed workers who canceled their permits for 180 days or more as a result of the Covid-19 pandemic will be exonerated from this procedure.

The economic reform includes, in addition to the elimination of the two-tier currency system, the increase of the income of workers, pensioners and beneficiaries of social security, as well as the elimination of excessive subsidies and undue gratuities. /PL

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