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| Cuba adjusts tariff incentives. (Source: Getty) |
The Cuban Ministry of Finance and Prices has recently decided to extend until March 31, 2024 many special and temporary tariff incentives approved under Resolution 280/2023 on exemption from paying customs duties on non-commercial imported goods in the luggage of people entering this Caribbean island nation.
The ministry emphasized that non-commercial imports of products such as food, personal hygiene items, medicines and medical supplies are relaxed without limits on value and quantity.
However, non-commercial import of the above essential products as unaccompanied goods is only exempt from duty when the total value of the goods is less than 500 USD and the weight is less than 50kg. Goods exceeding this prescribed level may be subject to a 30% duty.
The agency said the adjustments take into account “limitations in the supply of food and other products on the domestic market” due to the unilateral US embargo against Cuba and the global economic crisis.
The above two factors lead to an increase in prices in the international market for essential goods that need to be imported to meet the needs of the people and the socio-economic development of the country.
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