Cuban Media Explains New Economic Measures

Havana, August 23 (RHC) The Cuban media are today explaining in detail the new economic measures being implemented in the country, with the aim of opening the way to solving the nation's problems.

This is the case of the digital publication Cubadebate, which publishes a list of questions and answers that mainly concern the tax law, finances, prices, self-employment and Mypimes (micro, small and medium enterprises).

It begins with the date of April 30th as the deadline for the presentation of the income tax return of the partners of MSMEs, according to Law 113 of the Tax System.

It points out that for the calculation of the personal income tax, the partners of the MSMEs consider 39,120 pesos as the minimum annual exempt amount.

In addition, unlike in previous periods, they deduct as a deductible expense the amount paid for the special contribution to the Social Security.

Likewise, the amount of the five percent withholding for early dividend distributions will be deducted from the personal income tax to be paid.

The partners of MSMEs can deduct the five percent for early payment in their personal income tax return if they declare and pay before February 28.

The year of benefit for the partners of MSMEs is eliminated, taking into account that the tax benefits are temporary and applied with the purpose of stimulating the development of certain activities or sectors of the economy.

More than two years have passed since the beginning of the process of creation of MSMEs and they have so far shown their tax capacity.

For this reason, the aforementioned tax incentive is no longer in effect. (Source: Prensa Latina)