The Cuban government Wednesday published the new Foreign Investment Law aimed at attracting at least 2 billion U.S. dollars a year in foreign investment.
The new regulations were published in a special edition of the Government Gazette, and were also available at newsstands and post offices around the country.
The law is set to take effect on June 27, or 90 days after its approval on March 29 by legislators of the National Assembly of People's Power, Cuba's unicameral parliament.
Most of the changes introduced by the new law had already been disclosed by the media, but the complete text of the regulations was made public Wednesday.
The earlier law was legislated in September 1995 when then Cuban leader Fidel Castro decided to open certain sectors of the economy, such as tourism, to foreign investment to relieve a cash-flow crisis sparked by the fall of the Soviet Union, the island's main economic ally.
Senior government officials have said Cuba needs over 2 billion dollars a year in foreign investment to revive its economy and attain its 7-percent growth target.
The new law offers investors substantial tax breaks and incentives, including a 50-percent reduction of the income tax rate (currently at 30 percent) and an eight-year tax waiver, which could be extended by the Council of Ministers.
It also provides foreign investors with a stronger legal framework, including non-expropriation guarantees, except for reasons of public utility or social interest, and then only with due compensation.
Foreign companies' staff recruitment, barring management posts, will be carried out through a Cuban employment agency, which will be responsible for negotiating with the companies workers' wages, which will be paid in Cuban pesos.
The agency will also charge the companies a 20-percent commission./.