Thursday, October 31, 2013

Communist Cuba, Business, Taxes

In Communist Cuba, the Tax Man Cometh - Business News - CNBC: ". . . Under the new tax system they will pay a 35 percent tax on their profits, but can take advantage of a myriad of deductions ranging from amortization and travel to sales taxes, insurance and environmental protection. Many smaller businesses will become cooperatives or be privately leased and taxed based on income. The state-owned Cuban National News Agency said Cuba had studied the tax systems of a number of other countries, including several with capitalist economies . . ."Like the reforms, it is a work in progress, a work that has barely begun and will take time to put in place," said a Western businessman who has worked in Cuba for almost two decades. But, he added, "this is of course a major step forward toward the 21st century and a modern state.". . ." (read more at link above)

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