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October Tuesday

Cuba launches changes in its tax and budgetary system

HAVANA, Cuba, July 29 (ACN) The diversification of income levels in the State budget and a greater decentralization in the management of financial resources are among the changes to be implemented in Cuba, as part of the government's strategy for post-COVID-19 economic recovery.

Meisi Bolaños Weiss, minister of finance and prices, said on Tuesday in Havana that regulatory documents are being drafted for the implementation of a public debt market, which will initially authorize companies to acquire state bonds, and later on, to purchase them from natural persons.
The country will also create an investment fund from the State Budget with financing aimed at strategic sectors, such as the creation of infrastructure and exports, a mechanism aimed at seeking benefits, she added.
Regarding the changes to be made to local budgets, the head of the sector said there will be flexibility in the collection of income, access to additional financing mechanisms and management of these resources for territorial development.
Bolaños Weiss highlighted the changes in the tax system through different incentives that will act as indirect mechanisms to encourage goods and services exports in all actors of the economy.
As for the necessary price reordering, progress is being made in gradually establishing a single, inclusive policy on equal terms for all economic actors, the minister concluded.


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