Friday, September 30, 2011

Cuba Passes Law on Sale and Purchase of Motor Vehicles

By Alex Silva / RHC

Law Decree 292 will come into force on October 1, 2011, along with several ministerial resolutions that alleviate and eliminate procedures on the transfer of motor vehicle ownership.

The new regulations were published in Cuba’s Official Gazette and establish the sale and purchase of motor vehicles by Cuban citizens.

According to Granma newspaper, the sale and purchase procedures will be performed before a public notary without prior authorization.

These documents establish a tax on the Transfer of Assets and Inheritance for buyers and beneficiaries of donations, and the tax on personal incomes for sellers. In both cases, taxes are estimated at four percent of the vehicle’s worth.

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