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| Meeting of Cuba's National Assembly |
By Cuba Central Newsblast, July 28, 2012
The
National Assembly adopted a new tax code, the first comprehensive tax code
passed since 1959, during the first session of the biannual meeting of Cuba's
parliament, reports Reuters. Under the new plan, all Cubans will eventually be required to
pay income and property taxes for the first time in more than 50 years. The new
tax code will also cut taxes for small business by 3-7% and provide benefits
for start-ups, such as eliminating the labor tax for business with five
employees or less.
Marino
Murillo, Chairman of Cuba's Economic Policy Commission, said during his
presentation that some state companies will have more autonomy, will be
slightly deregulated, and will be able to sell extra production to an open
market after fulfilling state contracts.
Murillo
also announced during the parliamentary meeting that a pilot program of 222
non-state cooperatives in various sectors, including food services and
transportation, will be implemented by the end of this year, reports the Associated Press.
The
cooperatives will lease property and equipment from the state for 10-year
increments, function on a market basis, pay taxes, and split profits among
members, Reuters reports. Murillo promised that the pilot program will receive
the full support of the government, pledging, "For these cooperatives and
the non-state entities, in the coming year $100 million is being budgeted which
is the financing necessary so they can be assured production, because if we
create them and there is no financing, they won't work." He also
emphasized the importance of improving state-run enterprises because they will
continue to be the most important part of the economy.
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