Cuba: Parliament Is Studying Law To Attract Foreign Investment

A new law to attract foreign investment is expected to be approved Saturday by the Parliament of Cuba.

The new rule implies a reduction in the rate of the gains of at least 15% and most of the investors on the island projects would have a tax exemption for eight years.

However, according to information provided by the Cuban Government through the newspaper Juventud Rebelde, companies that extract natural resources of the country, including oil, will not have that privilege and must pay the income tax rate that can reach 50%, depending on what was negotiated with the Government.