Search: Look for:   Last 1 Month   Last 6 Months   All time
Home :: World

Cuba's new farmers to get tax break

Cuba,Business/Economy, Sat, 11 Aug 2012 IANS

Havana, Aug 11 (IANS) In a bid to boost agricultural output, Cuba has passed a new tax law that gives new farmers a tax break for the first two years, the official daily Granma reported.

"With these special tax regulations, the country seeks to stimulate national production, substitute imports, and increase exports," said the paper Friday.

The Tax Act, which will turn effective in January 2013, has not been published yet, reported Xinhua.

To increase food production, the government of Cuban leader Raul Castro has since 2008 distributed 1.4 million hectares of idle state-owned land to 163,000 private farmers.

The farmers are authorized to sell products to hotels and restaurants.

Authorities have also begun to grant bank loans to private farmers, a move that has been called "unprecedented" by official media.

Modernizing Cuba's outdated socialist economic model needs to be "accompanied by legal instruments to stimulate the economic sectors, while eliminating factors that hinder national progress", Granma said.

The government has said it considers food production to be a "strategic national security issue".

Cuba spends about $2 billion a year in importing food equivalent to some 70 percent of its domestic needs.


LATEST IMAGES
Manohar Lal being presented with a memento
Manoj Tiwari BJP Relief meets the family members of late Ankit Sharma
Haryana CM Manohar Lal congratulate former Deputy PM Lal Krishna Advani on his 92nd birthday
King of Bhutan, the Bhutan Queen and Crown Prince meeting the PM Modi
PM Narendra Modi welcomes the King of Bhutan
Post comments:
Your Name (*) :
Your Email :
Your Phone :
Your Comment (*):
  Reload Image
 
 

Comments:


 

OTHER TOP STORIES


Excellent Hair Fall Treatment
Careers | Privacy Policy | Feedback | About Us | Contact Us | | Latest News
Copyright © 2015 NEWS TRACK India All rights reserved.