AREQUIPA, Peru – The Ministry of Finance and Prices (MFP) of the Cuban regime increased the reference values of homes used as a reference for the payment of taxes associated with their purchase and sale.
According to a note of the official bodythe measure will serve to correct “fiscal indiscipline and increase income in favor of the State Budget”.
“The reference values that are applied today have been in force since 2017, with the issuance of Resolution 112 of the Minister of Finance and Prices; these do not correspond to current economic and social conditions,” says the MFP.
In this sense, the Official Gazette of the Republic No. 102 of November 1, 2024, publishes Resolution No. 313, of the Minister of Finance and Prices, which will come into force on November 15, 2024.
It establishes the modifications concerning the tax on the Transfer of Assets and Inheritances for the natural person who buys, and the Possible Personal Income tax for the natural person who sells.
“The study carried out by the National Tax Administration Office in the control actions of these acts of transfer of propertydemonstrates that the real sales values are figures significantly higher than the current reference values,” indicates the official note.
In this regard, the Cuban authorities state that the current values They do not manage, in accordance with their objective, to reduce the underreporting gap and increase the capacity to collect income from these taxes.
Regarding compliance with the tax obligation derived from the aforementioned taxes, the MFP highlights a high level of delinquency and to this end it was updated through Decree Law 93, amending Law 113 “On the Tax System”, the moment of payment of these taxes, which must be accredited in the formalization of the act of transmission before a notary.
In this update, the regime increased the current reference values five times, considering that in the studies carried out the prices Sales of homes “oscillate at values 10 times higher than the benchmarks established as minimums for calculating taxes, even though in recent months a decrease in these has been observed, associated with the migratory movement.”
It is confirmed that the taxes associated with sales and donations between individuals are calculated and paid based on the real value of the transaction, so the minimum reference values of the homes have a complementary nature, as a measure to contain potential subdeclarations.
For these purposes, Resolution 313-2024 classifies homes into five zones, according to their typology and location, and based on this determines the reference values of the homes, as well as taxes on Personal Income and on Transfer of Assets and Inheritances. associated with the acts of sale and donation of those assets, in correspondence with the construction characteristics of the property, as described in the property title.
“Based on the extensive conciliation process with the organizations involved and local governments, the power of the municipal Administration Councils to reduce the minimum reference value for properties located in suburban areas is incorporated by up to ten percent (10%). , after analyzing the marketing value and its structural conditions,” highlights the MFP.
