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New economic regulation comes into force in Cuba

Havana, Jul 1 (Prensa Latina) A new legislation came into force In Cuba that establishes a maximum profit of 30 percent in the economic contracting of state entities with non-state forms of management.

On June 27, the Official Gazette of the Republic published Resolution 209 of 2024 of the Ministry of Finance and Prices (MFP), which regulates commercial relations between the country’s economic players, and specifies that the acquisition of goods and services have a maximum profit rate of 30 percent on total costs and expenses.

The resolution adds that the amount will correspond to the application of taxes on sales and services. It also specifies that the provincial councils and municipal administration councils are empowered to approve the maximum prices and rates of goods and services that they select from among those acquired by state institutions from the non-state sector, taking into account the particularities of each territory.

The extension of tariff benefits to non-commercial imports of food, hygiene products, medicines, medical supplies and power plants by natural individuals will also come into force today.

The measure extends the application of a resolution with similar purposes issued in March 2024 by the MFP, whose validity period ended on June 30 and was extended until September 30, 2024.

The decision corresponds to the persistence of internal limitations in the supplies of food and other products, fundamentally due to the impact of the United States Government’s blockade and the international economic crisis.