Cuba Gazettes State Budget Law for 2023 (Corrected)

The Cuban Official Gazette Dec. 29, 2022, published Law No. 157/2022, on the state budget for 2023. The law includes measures: 1) setting the social security contribution rate of 14 percent; 2) identifying the taxable base for calculating the special contribution to social security; 3) setting the special contribution rate of 5 percent for monthly income up to 15,000 Cuban pesos (US$626), and 10 percent for income over 15,000 pesos; 4) requiring individual taxpayers to submit affidavits for income obtained in 2023; 5) allowing deductions of up to 10 percent for income generated by gratuities in 2022; 6) establishing the ...