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Income tax rules established for workers at Cuban special development zone
Published on May 10, 2014 Email To Friend    Print Version

puerto-mariel.jpg
Port of Mariel, Cuba

HAVANA, Cuba (ACN) -- Workers to be hired by businesses at the Mariel Special Development Zone in Cuba will pay a five percent income tax, which will be retained by employment agencies and contributed to the state budget.

According to the Juventud Rebelde newspaper, the employment agencies will make the contribution during the first 20 days of the month after they retain the money.

The regulation was passed by the finance and price ministry and was published in the Official Gazette on May 7.

The newspaper explained that the labour and social security ministry set at ten to one the exchange rate to be utilised for the payment of workers by the employment agencies that have been appointed to provide labour to foreign companies at the Special Development Zone.

This means that the workers will receive their salaries according to an exchange rate of ten Cuban pesos per every dollar of their corresponding salaries.

Those who work at the Zone will be paid 80 percent of their salaries as agreed to by the employment agencies and the users of companies operating in the area. This means that if the two parties hypothetically agreed to a $1,000 salary for a given post, the worker in that case will earn the equivalent of $800 in Cuban pesos on the basis of the ten to one exchange rate established. This would translate into $8,000 Cuban pesos.

However, the ten to one exchange rage will not be static since it will be subject to revision in the first quarter each year.
 
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