Blog
The Cuban foreign minister Bruno Rodriguez declared Cuba would eliminate a 10% tax on on the US dollar. The minister said it’s in response to the US Treasury Department’s decision this week easing financial restrictions on Cuba. He clarify the elimination of the tax penalty decision will take affect only after being verified with international banks correspondent the real possibility for Cuban banks to use US dollars in its operations, and also such operations operations are carried out with complete normality.
In 2004 the Central Bank of Cuba (BCC) issued a resolution, which stipulated that a 10% tax would be applied whenever US dollars are exchanged for Cuban Pesos Convertibles (CUC). The measure is applied to nationals and foreign visitors .
Next Monday, The US President Barack Obama will pay a visit to Havana. He will be the first US president to visit Cuba since 1928.
The US government latest amendments on the Cuban sanctions establishes that the US banks may process dollar transactions for Cuba as long as the buyer and seller are not American.