Cuba Passes New Law to Attract Foreign Investments
Cuba's parliament has approved a new law that seeks to make the country more attractive for foreign investors, Wednesday.
The text was published in the government's Official Gazette and will take effect in late June, according to international media reports.
The measures include tax breaks for new investments and property guarantees for investors, and also outline arbitration procedures and labor rules for foreign-financed projects.
Investments in mixed-ownership projects or in tandem with independent cooperatives will enjoy a tax holiday for the first eight years of operation and pay 15% on profits after that. Such operations will also be exempt from payroll taxes.
The law specifies that the profit tax could be as high as 50% for companies involved in natural resource development.
Foreign companies still must hire Cuban citizens and residents through an employment agency, which will recruit and select workers, negotiate salaries with the foreign investors and be in charge of paying Cuban workers.
- » Serbia and Macedonia Agree to Mend Ties After Embassy Pullout
- » Turkey, Iraq to Cooperate to Defeat PKK, FM Çavuşoğlu Says
- » Theresa May Says UK Leaving EU Court's Jurisdiction After Brexit
- » UN Racism Committee Issues 'Warning' Over US Tensions
- » The United States is Suspending USD 300 million in Aid to Egypt
- » Warsaw Revives Call for German WWII Reparations