The Cuban government on Saturday decreed a new 10% tax on private sellers of agricultural products, a measure aimed at traders, small businesses and consumers, who face the effects of the 70% inflation registered in 2021 on the island.
The tax comes into force next Monday and will be applied “on retail sales, with a rate of 10% for individuals and legal entities that sell agricultural products”, informs the text published today in the Official Gazette.
The measure, approved by Parliament in December 2021, provides for the taxation of sales of self-employed workers and small and medium-sized companies, approved in August last year. According to Cuban economist Pedro Monreal, the decision will cause prices to rise.
According to the expert, “the impact is concentrated on lower-income households, which spend a relatively higher percentage of their resources on food”.
The monetary reform implemented in 2021 by the communist government caused the prices of goods and services, especially food, to skyrocket. The population has to face long lines, amid shortages of food and medicine.
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