National Tax Administration Office initiates process of sworn declarations in January

Havana, Dec 28 (RHC) The National Tax Administration Office will initiate on January 6 the process of sworn declaration, settling, and payment of the personal income tax for the fiscal year 2024, which will last until April 30, 2025.

This is a requirement outlined in one of the provisions of the upcoming fiscal year's State Budget Law, which was recently passed by the National Assembly.

The legislation stipulates that taxpayers who declare and make payments until February 28 can receive a 5% bonus on the amount they owe in taxes.

For farmers in the sugar cane industry, the process of declaring, settling, and paying tax on their agricultural income, excluding that derived from sugar cane, starts on July 1 and ends on October 31, 2025. Those who submit their declarations and payments by August 30 are eligible for a 5% bonus.

In the coming year, the Tax System will remain the main source of financial resources for the State Budget. In this regard, the Government's actions will contribute to the gradual reduction of the fiscal deficit.

This is accomplished through the rise in revenue. Therefore, it will be crucial to efficiently and sustainably transform the management and oversight of each individual's contributions, as well as the implementation of tax measures that are tailored to the economic circumstances and minimize circumvention and avoidance.

However, experts warn that relying solely on the aforementioned measures is not enough. It is essential to guarantee a steady demand for the effective use and distribution of available funds, materials, personnel, and financial assets at all managerial levels, across organizations and regions.

The Tax System plays a crucial role, and its primary function is evident in the 23 taxes it encompasses. These include taxes on personal income, profits, sales, services, land transportation, the ownership or possession of boats, the transfer of goods and inheritances, specific taxes on products and services, and customs duties.

There are also taxes for the use of agricultural and forest lands, labor, beaches, bays, forest resources, wildlife, terrestrial waters and social security. The list is completed by territorial contributions for local development, fees for toll, airport services to passengers, and advertising. (Source: ACN)