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Cuba

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About

Cuba

Capital
Official languages
Population 
Currency

ISO 4217

Havana

Spanish

11,239,224 (as of July 2019)

Cuban Peso

CUP

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Economy

Cuba's economy has been struggling for many years, but there have been some signs of improvement in recent years. According to the World Bank, Cuba's GDP grew by 1.5% in 2018, the highest rate of growth since 2011. This growth was driven by increased tourism, remittances, and foreign investment. Inflation has also been on the decline, dropping from 8.3% in 2017 to 6.3% in 2018. The unemployment rate has also decreased from 4.3% in 2017 to 3.7% in 2018. Despite these improvements, Cuba still faces many economic challenges. The country has a high public debt, estimated at around 70% of GDP, and its currency, the Cuban peso, is not freely convertible. In addition, the country's infrastructure is in need of significant investment.
Curaçao is an island nation located in the Caribbean Sea. It has a population of approximately 160,000 people and a GDP of $3.2 billion. The economy of Curaçao is largely driven by tourism, with the tourism sector accounting for around 40% of the country’s GDP. The country also has a strong financial services sector, which contributes around 20% of the GDP. The manufacturing sector is also an important part of the economy, accounting for around 10% of the GDP. The country has a low unemployment rate of 4.2%, and the average monthly salary is around $1,400. Curaçao has a relatively low inflation rate of 2.2%, and the country’s currency, the Netherlands Antillean guilder, is pegged to the US dollar. The country has a strong banking system, with the Central Bank of Curaçao and Sint Maarten providing oversight and regulation. Overall, Curaçao has a strong and stable economy, and is a great destination for tourists and investors alike.

Taxation

In Cuba, both individuals and corporations are subject to income tax.


For individuals, income tax is progressive with rates ranging from 15% to 50%, depending on the level of income. There are also social security contributions, a tax on property ownership, and a tax on the sale of real estate.


For corporations, the standard corporate income tax rate is 30%. There is also a tax on profits earned by foreign companies operating in Cuba.


The tax year in Cuba runs from January 1st to December 31st, and tax returns are due by the end of April of the following year. Advance payments may also be required throughout the year.


The tax authority in Cuba is the National Tax Administration Office, which is responsible for collecting taxes and enforcing tax laws. Payment of taxes can be made at designated banks or through online channels.


In addition to income tax, there are other taxes and fees that may apply, such as customs duties on imports and exports.


It is important to note that Cuba has a complex and constantly changing tax system, and tax regulations may vary depending on the sector and activity. Therefore, taxpayers are encouraged to seek advice from local tax advisors or government authorities for further information on tax obligations and requirements.

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