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.
- » Merkel 'Proposed NATO Membership to Japan'
- » Die Welt: Six EU States Urge Extension of Schengen Internal Border Controls
- » Roaming Charges in EU Fall as of Saturday
- » Helicopter with Thirteen People on Board Crashes off Norway
- » Austria Adopts New Tougher Asylum Law
- » Suicide Bombing in Turkey’s Bursa Injures at least 13 People