• All Share : 51358.36
    DOWN -0.01%
    Top 40 : 4377.10
    UP 0.60%
    Financial 15 : 14497.92
    DOWN -0.97%
    Industrial 25 : 59514.14
    DOWN -0.12%

  • ZAR/USD : 10.6939
    UP 0.51%
    ZAR/GBP : 17.8035
    UP 0.72%
    ZAR/EUR : 14.2097
    UP 0.24%
    ZAR/JPY : 0.1035
    UP 0.18%
    ZAR/AUD : 9.9511
    UP 0.56%

  • Gold : 1293.9500
    DOWN -0.13%
    Platinum : 1429.0000
    DOWN -0.35%
    Silver : 19.4930
    UP 0.18%
    Palladium : 867.0000
    DOWN -1.14%
    Brent Crude Oil : 102.170
    UP 0.60%

  • All data is delayed by 15 min. Data supplied by INET BFA
    Hover cursor over this ticker to pause.

Wed Aug 20 16:38:57 SAST 2014

The taxman cometh in Red Cuba

Reuters | 29 November, 2012 00:34
Cuba's President Raul Castro g
Image by: DESMOND BOYLAN

Most Cubans have not paid taxes for half a century, but that will change under a new code starting on January 1.

The landmark regulations will change the relations of Cubans with their government and are a signal that market-oriented reforms, launched since President Raul Castro succeeded his brother, Fidel, in 2008, are here to stay.

The recently published code constitutes the first comprehensive taxation in Cuba since the 1959 revolution abolished just about all taxes.

In the 1990s after the collapse of the Soviet Union, the country's main benefactor, the Cuban government imposed a few scattered taxes, but mostly preferred to maintain low wages so it could fund free social services.

The government's free market reforms, introduced over the last two years, are designed to encourage small businesses, private farming and individual initiative, along with plans to pay state workers more.

It means the largely tax-free life under a paternalistic government is on its way out.

The new code covers 19 taxes, including such things as inheritance, environment, sales, transportation and farm land and various license fees.

SHARE YOUR OPINION

If you have an opinion you would like to share on this article, please send us an e-mail to the Times LIVE iLIVE team. In the mean time, click here to view the Times LIVE iLIVE section.
Wed Aug 20 16:38:57 SAST 2014 ::