Cuba will establish a new regulation to contain the expenses incurred by state entities in their economic relations with non-state forms of management, the Ministry of Finance and Prices (MFP) announced today.
Published on Thursday, the Official Gazette of the Republic (Ordinary No. 57) contains the MFP resolution, which responds to the Government’s projections to correct distortions and boost the country’s economy, and takes into account the high level of inflation reached in recent years, the agency explained.
In the process of economic contracting with forms of non-state management to acquire goods and services, state entities agree on prices and rates whose maximum profit rate does not exceed 30 percent of the total costs and expenses, as well as the amount that corresponds to the application of taxes on Sales and Services, indicates the provision.
The law specifies the power of provincial councils and municipal administrations to approve the maximum prices and rates of the goods and services they select from among those acquired by state entities from the non-state sector, taking into account the particularities of each territory.
The regulation will come into force on July 1, the Finance and Prices Ministry said.
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