Tax benefits for foreign enterprises investing in Cuba.

The National Assembly of Cuba held last March 29 2014 its first extraordinary session in the past 4 years to approve a new law aimed at attracting foreign investment to the Island. The 161 Cuban deputies, headed by President Castro, approved unanimously a new foreign investment law, replacing the one adopted in 1995 during Fidel Castro´s mandate and the economic crisis following the Soviet Union Collapse.

Cuba’s economy grew only 2.7% in 2013, below the target of 3.6%. The gross fixed capital formation has been maintained at the level of 13.6% in the past 6 years, far below the Latin-American average, which was of 20%. Cuba has been suffering the North American embargo for half a century and has no access to the different credit possibilities from the World Bank, the Inter-American Development Bank or the International Monetary Fund.


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