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Cuba Okays Tax Breaks For Commercial Zone

(Jamaica Gleaner) Cuba has approved tax-exemption rules for a special commercial zone at a massive port under construction west of Havana, in hopes of luring more foreign investment as the country tries to lift its economy with a series of reforms.

Signed by President Raul Castro and published this week in the government's Official Gazette, the law says commercial operators in the industrial park at the Port of Mariel will be exempt from labour and customs duties, won't have to pay taxes on sales or services for the first year and will enjoy a 10-year tax holiday on profits.

After that, profits will be taxed at 12 per cent.

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