Revenues, a key indicator in Cuba's budget execution

Havana, January 17 (RHC) Revenues are a key indicator in the execution of the Cuban State Budget for 2023, remarked First Deputy Minister of Finance and Prices, Vladimir Regueiro.

Regueiro highlighted the incidence of this variable to minimize the nation's fiscal deficit, as well as to dynamize the economy.

The First Deputy Minister of Finance and Prices stressed that revenues are the most dynamic indicator of the state budget, and emphasized its importance to consolidate spending programs.

Regueiro pointed out the existence of tax measures in the regulatory order, as well as others aimed to benefit taxes.

In the field of incentives, these mean temporary waivers in the collection of taxes to boost sectors that have an impact on axes considered today as strategic for the development of the national economy, such as exports and agriculture, warned the representative of the Finance and Prices portfolio.

Regarding the export sector, the first deputy minister pointed out that the aim is to boost income, and specified that it is not about the subject but about the activity, so it does not matter the organizational form that characterizes such economic actors to access tax benefits.

Regarding the tax measures approved for the current year, Regueiro emphasized that they seek to consolidate the principles of equity and generality of the national tax system and contribute in correspondence with the economic capacity generated.

He also stated that these initiatives seek to minimize tax evasion and avoid gaps in tax collection and continue prioritizing the expansion of services and facilities to taxpayers, through the use of information and communication technologies.

He highlighted that among these measures is the extension of the progressive scale for the payment of the Personal Income Tax and the Special Social Security Contribution to workers with incomes over 15 thousand pesos per month.

The increase in the values of the Tax on Land Transportation (license plate payment) and the modification of tax payment on sales and services of micro, small and medium-sized companies were other regulatory measures announced by the vice-titular.