Cuba grants tax incentives to support export sector

Havana, Sep 16 (Prensa Latina) The Cuban Ministry of Finance and Prices (MFP) approved a resolution that establishes granting tax bonuses to promote production of goods and services for export.

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Por: PRENSA LATINA

16 September , 2020 | 13:37

The ministerial rule establishes that these facilities will benefit State companies and joint ventures, 100-percent Cuban mercantile societies, international economic associations, cooperatives, self-employed workers and other individuals authorized to perform that activity.

In addition, benefits include exports within the national territory and sales to users or dealers operating in the Mariel Special Development Zone (ZEDM, in Spanish), as well as agencies that provide services related to sales abroad.

In order to enjoy the tax bonuses, the MFP made it clear that an indispensable requirement is to increase production and sales on the international market compared to last year, or to reduce or at least not to deteriorate the import coefficient of exported products.

It also demands collecting revenues within the fiscal year, save those exports made in November and December, and exceptionally in October, in the contracts in which a 90-day deadline is agreed upon.

Resolution 222 from the MFP will be implemented next year during the process of affidavits, based on the results made in the 2020 fiscal year.

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