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During a meeting with reporters in Havana, Juana Liliam Delgado, head of the team of Macroeconomic Policies with the Permanent Commission in charge of implementing the social and economic guidelines approved by the Cuban Communist Party, recalled that the law was updated according to the transformations underway in the country.

The official said that the legislation is a crucial tool for a country that dedicates a large portion of its budget to social aims.

Finance and Prices minister Meisi Bolanos explained about the principles of the law, which will get in force in January 2013. The official said that the drawing up of the legislation took into account the experiences of countries such as China, Vietnam, Venezuela, Brazil, Spain and Mexico, though it was conceived in tune with the particularities and conditions of Cuba.

According to the legislation, all individuals and entities with economic capacity will pay the established taxes, though some special conditions were considered for specific economic activities. This means that, sectors like agriculture and livestock will be tied to a lower tax level, though this could be increased in the case of existing idle lands either private or state-owned.

A portion of the tax money contributed by companies, economic associations and cooperatives will be used to fund the sustainable development of the municipalities where such entities are located, Bolanos explained.

Juridical director of the National Taxation Office (ONAT) Sonia Fernandez said that before the law gets in force, the personnel working in the sector will be provided with particular training and the population and other entities involved will receive appropriate information.
Source: ACN

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