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ΠΡΟΦΙΛ ΣΥΝΑΛΛΑΣΣΟΜΕΝΩΝ ΧΩΡΩΝ
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Taxes - Accounting
Tax rates |
Accounting rules
Tax rates
Consumption taxes
- Nature of the tax
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Sales tax
- Tax rate
- There is no VAT in Cuba but there is a sales tax whose rate varies (from 2.5% to 25%) depending on the type of the product.
- Reduced tax rate
- Consumer goods serving as raw materials for industry or destined for export are exempted.
- Other consumption taxes
- Excise duties ("impuestos especiales") exist on alcohol and spirits, tobacco, fuel...
Corporate taxes
Tax rate
| Company tax for the MEC (Mixed Economy Company) and the parties of a contract of international economic association, subjects to a special tax regime. |
30% of the taxable net profits. |
| Company tax for companies with total foreign ownership. |
35% |
| Company tax for companies with total foreign ownership, if the company is set up in a free-trade zone. |
0% (exemptions) |
- Capital gains taxation
- Capital gains are taxed as ordinary income.
- Main allowable deductions and tax credit
- Exemptions exist in certain cases: foreigners and franchise holders located in free-trade zones or industrial estates are exempt of tax on profits and labor force tax.
- Other corporate taxes
- There is a tax on the use of the labor force (Impuesto por la utilización de la fuerza de Trabajo), a stamp tax, a road tax, a land tax, a property transfer and inheritance tax, social security contributions.
 We can indicate you which local taxes are applied to your product.
Accounting rules
- Tax year
- The fiscal year begins on January 1st and ends on December 31st of the same year.
- Accounting standards
- In January 2006, the Cuban financial information standards (Normas Cubanas de Informaciones Financieras, NCIF) were developed, the result is a mixture of international standards and standards specific to Cuba.
- Accounting regulation bodies
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Ministry of Finance and Prices
- Accounting reports
- The accounting structure includes:
- The balance sheet which must be published on the first day following the end of the registration period. It should contain the assets (long-term capital, fixed assets, current assets), liabilities (Sources of owned capital, Long-term bonds, Credits and other bonds);
- The profit and loss account : Financial result, Profit distribution, Expenses on the budget, Expenses on extra-budget expenditures and other funds, Movement of financial resources for investments in capital or other financial investments.
- Publication requirements
- The Cuban accounting system imposes on public and\or private companies the duty to release, annually, a certain amount of financial and accounting information. This duty is with regard to:
- A balance sheet
- A profit and loss account
- An incoming and outgoing financial flow summary
- A report on capital evolution.
- Professional accountancy bodies
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ANEC
- Certification and auditing
- The financial statements of any entity subject to taxation in Cuba must be audited annually by an auditor that is duly authorized by the Ministry of Finance.
- Accounting news
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Website on accounting system
Article detailing former and current Cuban accounting systems (Spanish only).
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