Sunday, December 22, 2024
name of Prensa Latina
Bandera inglesa
English Edition
Search
Close this search box.
name of Prensa Latina

NEWS

NEWS

Cuba: 2025 budget seeks to reinforce tax system

Havana, Dec 18 (Prensa Latina) Cuba’s Minister of Finance and Prices, Vladimir Regueiro, on Wednesday stressed the need to strengthening the tax system, as a fundamental pillar of financial resources for the State budget in 2025.

Speaking at the fourth ordinary session of the National Assembly of People’s Power (Parliament), Regueiro noted that to achieve such purpose it is essential to improve revenue collection through systematic and timely assessments of tax payers’ contributions.

He also called for more efficient control, fostering savings, rationality and moderation, in order to improve budgetary results.

He noted that a fiscal deficit of 147,391 million pesos was established as the limit for 2024, having acknowledged a net income of 333,316 million pesos and total expenses of 480,707 million.

Regueiro reported a total income estimated of 389,543 million pesos, a figure that represents 107 percent of the original plan, leaving a 25,169-million-peso surplus.

He pointed out that such surplus derived from the collection of non-tax and unplanned income, as well as the positive effect of implementing the Government’s tax-related measures and conducting oversight and control.

He announced better results for 2025, taking into account the dynamics of income growth, which exceeds that of expenses, the intensification of fiscal control actions, and the application of tax adjustments.

Regarding this, he projected a current account surplus of six thousand 799 million pesos for next year, a sign of recovery that boosts the State budget.

As for prioritized programs and basic services, Regueiro said 315 thousand 620 million pesos will be allocated, a figure higher than the estimated 16 thousand 370 million.

A total 76 thousand 037 million pesos are allocated, or 24 percent of the budget, will allow to offer 111 million medical consultations in primary care.

The education sector, he added, has been allocated 71,309 million pesos, to support a total enrollment of 1,396,000 students.

Social assistance and sectoral programs will get 6,513 million pesos, while 7,106 million pesos will go to develop sports, he said.

According to the minister, “the budgets allocated for Public Administration, communal services and defense are fundamental to guarantee the correct functioning of government institutions and the protection of national security, for which 93,237 million pesos are planned.”

ied/arc/mks

LATEST NEWS
RELATED