On this path, the state budget requires financial regulation and control measures that will allow us to continue and increase expenses in sectors such as health care, education, culture, sports, which are achievements of our social project, Minister of Finance and Prices (MFP) Vladimir Regueiro explained on Wednesday.
Mechanisms that, in turn, will bring resources closer to the Government to make spending decisions, and serve as a source of revenue collection, management, control and a way to create incentives for certain activities, Regueiro added.
One of the premises of the new measures announced on December 21 at the National People’s Power Assembly (Parliament) by Prime Minister Manuel Marrero is the gradual nature of their adoption. Hence, Regueiro noted that as of January 1, the exemptions for the payment of taxes, approved with the constitution of the new economic stockholders, including non-agricultural cooperatives or MSMEs (micro, medium and small businesses) will be suspended.
He recalled that as a result of their constitution, if they result from reconversion of a previous activity, they could enjoy a six-month period of tax exemptions, while if they were newly created, that period was extended to one year.
These are benefits conceived on the basis of a temporary criterion, since the tax system is based on general principles of taxation, supported by the law on the Tax System, he explained.
The newly formed actors will pay taxes under the rules that govern for the rest, taxes on sales, services, and profits.
In the case of MSMEs, the implementation of taxes on sales and services will be extended to all marketing operations, the Minister of Finance noted.
On the other hand, the tariff rate for the imports of merchandise, raw materials and inputs that add value to national productions and contribute to boosting the domestic economy will be reduced by up to 50 percent, he announced.
It is an incentive aimed at promoting imports of intermediate goods, inputs, and raw materials that promote the development of the productive sector in our country.
Regueiro recalled that at the end of November, imports made by non-State economic actors exceeded one billion dollars and they were finished products.
This does not provide added value to the economy, which requires an increase in productive processes, creation of goods and provision of services with our industrial capabilities, the Minister pointed out.
Another measure will be to increase tariffs on the imports of goods produced in the country such as cigarettes, rum and tobacco from 15 to 30 percent, with the aim of protecting national production, the MFP head added.
It is necessary to stimulate and protect endogenous resources, infrastructure, and industry, promote exports and increase the presence of our products in the domestic market.
Likewise, the exemption from payment of tariffs and release of limits for the imports of toiletries, food, medicines and some medical supplies, for natural persons, as accompanied or unaccompanied luggage, will be extended until March 31.
According to the Minister of Finance, these are regulation and control measures to promote income, generate incentives and, progressively, promote better conditions for the performance of the economy, increase production and redistribute the wealth generated under the principle of equity.
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