Arab Today, arab today cuba passes law to lure foreign investment
Last Updated : GMT 02:29:30
Arab Today, arab today
Arab Today, arab today

Cuba passes law to lure foreign investment

Arab Today, arab today

Arab Today, arab today Cuba passes law to lure foreign investment

Havana - AFP

Cuba's parliament unanimously approved a new law on foreign investment Saturday aimed at boosting sputtering economic growth on the communist-ruled island.President Raul Castro, who was scheduled to speak to the assembly, has called the bill "crucial" to the Cuban economy, which has so far failed to show gains from his gradual reforms of the Soviet-style system.The new legislation will go into effect 90 days after it is published.Although the text has not been made public, officials have said it would offer foreign investors tax breaks and guarantees against expropriation, a persistent fear after the widespread government takeovers in the 1960s. "The new Foreign Investment Law is the last chance for the reforms to reach the growth goals planned," said Cuban economist Pavel Vidal of the Universidad Javeriana in Cali, Colombia.Despite reforms pushed by Castro opening up the economy to private enterprise on a small scale, the island's economy grew barely 2.7 percent in 2013, well short of a 3.6 percent target and similar to the anemic growth of recent years.The new law will replace rules on foreign investment that have been in effect since 1995, passed by Fidel Castro amid a severe economic crisis that followed the Soviet Union's collapse.The new rules this time come amid worries about the uncertain political situation in Venezuela, a close ally that replaced Moscow as Havana's economic lifeline.In order to attract capital to Cuba, which has been under a US embargo for half a century, the new law offers foreign investors an eight-year tax exemption on earnings.After eight years, investors will pay a 15 percent tax on earnings, half the current rate, but can continue to enjoy the full exemption if they reinvest their earnings in Cuba, according to the Juventud Rebelde newspaper.Natural resource investments, however, can still be taxed at rates of up to 50 percent.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today cuba passes law to lure foreign investment Arab Today, arab today cuba passes law to lure foreign investment

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today cuba passes law to lure foreign investment Arab Today, arab today cuba passes law to lure foreign investment

 



Arab Today, arab today Designer prepared new set of ornaments

GMT 02:45 2017 Wednesday ,28 June

Designer prepared new set of ornaments
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 08:23 2017 Saturday ,24 June

Actress Feryal Yussef received new drama offers

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday