Information about Cuba Minimum wage and taxes.

Information about minimum wage and taxes in Cuba is as follows: In Cuba, the minimum wage amount is determined by the state. As of 2021, the minimum wage in Cuba is set at 2,100 Cuban pesos (CUP). The Cuban peso is the local currency. The tax system in Cuba has a high tax rate as part of the socialist economic model. Employees and employers pay taxes on their wages. The income tax rate in Cuba is quite high and varies depending on income level. Income tax rates in Cuba are as follows: - 15%: Those with income less than 5,000 Cuban pesos - 20%: Those with income between 5,001 - 20,000 Cuban pesos - 25%: Those with income between 20,001 - 50,000 Cuban pesos - 30%: Those with income between 50,001 - 100,000 Cuban pesos - 35%: Those with an income of 100,001 Cuban pesos and above Social security premiums are also paid in Cuba. Employers pay 5% of employees' salaries as social security contributions. The tax system in Cuba is complex and there are many different types of taxes. These types of taxes include taxes such as income tax, sales tax, property tax, land use tax, inheritance and gift tax. However, since the majority of people living in Cuba are government workers, they benefit from various social services as well as minimum wages and taxes. For example, basic services such as healthcare and education are free. There is also a social security system and social benefits such as retirement pension are provided.