The Cuba government supports private entrepreneurs and significantly reduces taxes

As it became known from the independent information channel, the Cuban government intends to change the current legislative regulation in the very near future and weaken the tax burden for private entrepreneurs. This is caused by the need to increase employment, as well as a decrease in the cost of maintaining the public sector of the economy. Last Friday, the decision of the Council of Ministers of the Island of Freedom was published in the media, which states that soon the amount of the tax burden on small private enterprises will be noticeably reduced by the size of the tax load.

According to the decision adopted by the Council of Ministers, those owners of enterprises and private entrepreneurs who have less than five people will be exempted from the payment of state income tax. According to the Cuban government, it is this decision that will find a positive reflection in the development of the Cuban service industry. The Government of the Island of Freedom also announced that at present in private restaurants it is allowed to increase the maximum permitted number of serviced visitors from 20 to 50 people. In addition, the Council of Ministers of Cuba has also been amended in the regulation of the national pension system. Now women over 60 years old and men over 65 are not required to take part in it. Also, for eight years, private entrepreneurs of Cuba have been exempted from paying social insurance contributions. The Council of Ministers of Cuba is sure that the adopted resolution will significantly increase the number of private enterprises engaged in the economy of the Island of Freedom.