Monday, November 29, 2021

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Legal regulations back up Cuba’s private sector

Legal regulations back up Cuba’s private sector

Havana, Sep 20 (Prensa Latina) The new legal regulations to standardize and oversee the exercise of self-employment in Cuba, in force as of Monday, are an essential step to improve Cuba's economic stakeholders.
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In order to streamline the activity, users will be able to access the Platform of Economic Stockholders, created by the Ministry of Economy and Planning (MEP), which has defined deadlines and possibilities for monitoring and notification of procedures, among its advantages.

It also facilitates the creation of a digital dossier making procedures viable even after the legal entity is created, in short, it implies greater agility in the process and the reduction of bureaucratic procedures.

Non-state forms of management may choose to become a micro, small and medium enterprises (MSME), a non-agricultural cooperative (CNA) or, depending on their activity, maintain their current status.

However, non-compliance with minimum requirements related to the legal entity requested to be, for example, the exercise of operations or the non-presentation of data, can lead to the denial or stoppage of the application for a CNA or a MSME.

There are also bonuses and tax incentives for new economic stakeholders, and preexisting businesses will be exempt of paying taxes for six months, with the exception of contributing to Social Security.

In the case of forms of management resulting from new businesses, although they do not require paying tax contributions for a year, they must comply with the obligations to Social Security.

In addition to these advantages, there are others for the concept of export and sale to users of the Mariel Special Development Zone (ZEDM) with some benefits such as discounts on tax rates, of taxes on profits and on personal income.

Other tax credits are included when belonging to science-technology packages or local development projects.

In order to regulate and legally support the exercise of the new economic stakeholders and the interrelation between state and private entities, the Council of State approved six decree-laws, one decree and other resolutions.

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