HAVANA, Cuba, Jun 23 (ACN) Along with the micro, medium and small enterprises (MSMEs), another new actor in Cuba, the subsidiary, will come into play in August or September, once the corresponding legal regulations are ready, according to Alejandro Gil Fernández, Deputy Prime Minister and head of the Ministry of Economy and Planning (MEP).
Although Decree-Law No. 34 issued by the Council of State and published in on May 7, 2021 refers to this figure, the announcement of its creation was one of the 15 measures announced in September 2020, as part of actions approved much earlier to improve the Cuban enterprise system.
A subsidiary emerges at the suggestion of an enterprise submitted to the approval of the MEP through the Higher Organization of Business Management (OSDE), an Agency of the Central Administration of the State, or through the local authorities, but it responds to the entity that creates it, which provides part of its patrimony for the subsidiary’s operation.
It may also originates from an existing Base Business Unit or as a result of new businesses or investments capable of undertaking total or partial productive cycles or developing activities of different nature within the enterprise itself.
Thus the subsidiary assumes the functions and powers laid down in the current legislation for the enterprise and for its General Director, respectively, and it may distribute after-tax profits as approved by the entity that established it.
Deputy Prime Minister Alejandro Gil explained that the ultimate purpose is to make economic decisions as close as possible to where the economic event takes place as the most effective method of management.
In early June, the Council of Ministers approved the improvement of Cuban economic agents such as the socialist state enterprise, the non-agricultural cooperatives, the MSMEs, the self-employed, all of which are expected to promote national development.
“We are not going to get rid of what we have today in one fell swoop,” the Deputy Prime Minister said. “We are in the process of building a structural design focused on greater efficiency.”
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