AGL 5.51 Decreased By ▼ -0.09 (-1.61%)
ANL 8.70 Decreased By ▼ -0.20 (-2.25%)
AVN 76.30 Decreased By ▼ -0.68 (-0.88%)
BOP 5.22 Decreased By ▼ -0.03 (-0.57%)
CNERGY 4.54 Decreased By ▼ -0.11 (-2.37%)
EFERT 81.42 Increased By ▲ 0.20 (0.25%)
EPCL 49.95 Decreased By ▼ -0.08 (-0.16%)
FCCL 12.40 Decreased By ▼ -0.76 (-5.78%)
FFL 5.59 Decreased By ▼ -0.11 (-1.93%)
FLYNG 7.00 Decreased By ▼ -0.10 (-1.41%)
FNEL 4.75 Decreased By ▼ -0.01 (-0.21%)
GGGL 8.61 Decreased By ▼ -0.19 (-2.16%)
GGL 14.51 Decreased By ▼ -0.09 (-0.62%)
HUMNL 5.63 Decreased By ▼ -0.04 (-0.71%)
KEL 2.56 Decreased By ▼ -0.07 (-2.66%)
LOTCHEM 28.25 Decreased By ▼ -0.40 (-1.4%)
MLCF 24.00 Decreased By ▼ -0.69 (-2.79%)
OGDC 71.80 Decreased By ▼ -0.71 (-0.98%)
PAEL 15.11 Decreased By ▼ -0.26 (-1.69%)
PIBTL 4.90 Decreased By ▼ -0.08 (-1.61%)
PRL 15.95 Decreased By ▼ -0.25 (-1.54%)
SILK 1.07 No Change ▼ 0.00 (0%)
TELE 9.00 Decreased By ▼ -0.20 (-2.17%)
TPL 7.09 Decreased By ▼ -0.16 (-2.21%)
TPLP 18.49 Decreased By ▼ -0.21 (-1.12%)
TREET 21.65 Decreased By ▼ -0.05 (-0.23%)
TRG 135.97 Decreased By ▼ -0.58 (-0.42%)
UNITY 16.84 Decreased By ▼ -0.18 (-1.06%)
WAVES 9.60 Decreased By ▼ -0.29 (-2.93%)
WTL 1.37 Decreased By ▼ -0.04 (-2.84%)
BR100 4,179 Decreased By -45.9 (-1.09%)
BR30 15,371 Decreased By -146.9 (-0.95%)
KSE100 41,818 Decreased By -332.5 (-0.79%)
KSE30 15,465 Decreased By -123.8 (-0.79%)
Follow us

HAVANA: Cuba on Saturday announced a new 10 percent tax on retail food sales, as the country endures economic woes marked by rampant inflation.

The levy taking effect Monday will target self-employed people and small- and medium-sized companies in the retail food sector, said the decree published in the official government gazette. These sales were only allowed starting in August of last year as part of reforms in the communist run island.

Cuban economist Pedro Monreal wrote on Twitter that the new tax will probably have two effects: higher food prices and more inequality among the Cuban people.

Monreal said it will hurt "lower income households that spend a relatively higher percentage of their resources on food."

Monetary reforms applied last year caused prices of goods and services to shoot up in Cuba, mainly those of food.

FY22 budget reversed key policies damaging revenue prospects: IMF

Inflation last year came in at 70 percent.

People have to wait in long lines for scarce supplies of food and medicine.

Cuba imports 80 percent of the food it consumes. Its purchases have declined drastically due to a shortage of hard currency and because of international transport problems stemming from the Covid pandemic.

Comments

Comments are closed.

Cuba slaps new tax on food sales as economic woes hit hard

Intra-day update: rupee registers improvement against US dollar

FBR set to fix minimum value for sugar supply

JPL seeks exemption from IFRS-9

Govt urges Turkiye to expedite TGA

Oil prices rise after OPEC+ keeps output cut targets, China eases COVID curbs

Cotton arrival falls 40% year-on-year

Engro Corp to pursue potential investment opportunity in tower infrastructure sector

Pakistani embassy in Kabul: IS-KP claims responsibility for attack

Sindh will rise again against ‘the tyrant’: IK

PM terms IK’s remarks ‘undemocratic’