All companies need professional accounting services in Cuba, consisting of tax advice and planning. Accounting services are important because they allow the business owners to save a lot of time and money on their taxes, while they can focus on starting a business in Cuba and the growth and expansion of the company.
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Accounting regulations in Cuba
The accounting reguations in Cuba are as follows :
- Fiscal year: It starts on January 1st and ends on December 31st of each year or on any period of 12 months which is accepted by the taxation bodies;
- Accounting standards: The current Cuban financial information standards are structured through a combination of international standards and those specific to Cuba;
- Accounting Regulation Authority: Ministry of Finance and Prices;
- Accounting reports: The accounting system in Cuba is comprised of:
- the balance sheet: it has to be issued on the first day after the end of the registration period. It must enlist the assets and the liabilities;
- the profit and loss accounts: these have to contain the financial outcome, the profit distribution, the expenses on budget and others. Our company formation advisers in Cuba can provide detailed information on what these accounts should contain;
- Publication obligations: Public and/or private businesses in this country have to release yearly certain accounting and financial data such as:
- a balance sheet;
- a profit and loss account;
- an incoming and outgoing financial flow synopsis;
- a report on capital progress;
- Professional accountancy agencies: ANEC – the National Association of Cuban Economists and Chartered Accountants;
- Certification and auditing: The financial statements of any business which is taxed in the country have to be audited yearly through an auditor who is authorized by the Ministry of Finance.
Corporate taxation in Cuba
Our accounting services in Cuba include tax advice for corporations. The taxes which apply to businesses in Cuba are comprised of:
- Company tax: 30% of the taxable net profits;
- Capital gains: are taxed as regular income;
- Main deductions and tax credits: There are certain exemptions which apply to foreign investors and franchise holders localized in free-trade areas or industrial estates, who are exempt from paying taxes on profits and labor force. Our Cuba company formation professionals can offer more details on what these exemptions consist of;
- Others: the payroll tax, the stamp tax, the road tax, the land tax, the real estate transfer tax, social security contributions.
Please get in touch with us if you need to know more about the accounting services in Cuba we provide.