Cuban Authorities Report on Changes to Taxes on Imported Products

As part of the actions announced by the Cuban government to correct deformations in the economy and boost its development in 2024, the Official Gazette of the Republic published two resolutions modifying prices for the import of raw materials and inputs, as well as cigarettes, tobacco, rum and other alcoholic beverages.

Resolution 7/2024 of the Ministry of Finance and Prices (MFP) was published in the 8th Ordinary Edition of this year's Official Gazette, which establishes the rebate in the payment of the customs tax on imports of raw materials, inputs and intermediate goods, destined to productive processes, with special focus on the production of food and agricultural production, consisting in the reduction of its tax rate by 50 %.

Said bonus, the resolution added, will be implemented by the MFP on a timely basis, as from the date of the application for said benefit.

On the other hand, Joint Resolution 1/2024 of the MFP and the Ministry of Foreign Trade and Investment establishes the increase of the tariff rates for the import of tobacco, cigars, rum and other alcoholic beverages.

The measure, which is aimed at protecting the national production of these items, announces that the tariff will be increased by 30%, but it will only be 15% when the products come from "most favored" countries, based on signed bilateral agreements.