Text: Editorial Cuba Noticias 360
Photo: Cuba Noticias 360
The economic context in Cuba has forced the Central Bank to take drastic measures related to two essential points: controlling cash flow and confronting tax evasion.
Blocking inactive bank accounts, the mandatory declaration of transfers to personal accounts and the creation of “banked zones” summarize this package of measures recently announced by Juana Lilia Delgado, minister president of the banking entity.
In response to the recurrence of some economic actors in using the formal banking system, which prevents cash from being tracked and facilitates tax evasion, large amounts of cash are concentrated instead of depositing it in banks.
In this sense, the official explained: “There is really more money than ever, but the flow of that money has been reversed. There is more going out of the banking system than coming back in and that, therefore, really disrupts the entire cycle of cash movement. That cash that leaves the banking system is concentrated in few hands, and that is one of the aspects why we say we must act.”
It has been detected, says the minister president, that most of this concentrated cash responds to pending payments to the treasury by some economic actors, and they are significant amounts.
For this reason, he stressed: “The banking system is currently, together with the ONAT and other bodies, identifying those accounts of economic actors that do not receive their deposits on a daily basis as appropriate.”
Given this situation, the blocking of accounts inactive situations is being considered, “because they do not show any activity, or because their movements do not correspond to the levels of activity that a business or a certain economic actor should have,” he explains.
The mandatory declaration of the accounts of natural persons is also established at the times when they must receive these transfers to their tax accounts.
“The objective is to truly identify their level of activity before the treasury and for the treasury to be in better conditions after keeping track of these transactions,” he highlights.
It was also commented on the banked area, cataloged as the part where all the conditions exist so that the population knows that in that locality they can go with their means of payment. “All economic actors have created their conditions to collect through electronic means of payment,” the directive concluded.
