The National Tax Administration Office (ONAT) recently clarified the accounting rules that self-employed workers must follow. Based on their annual income level.
According to Resolution 272 of 2024 from the Ministry of Finance and Prices. Those with annual income exceeding 500,000 Cuban pesos are required to maintain formal accounting records. Based on Cuban Financial Reporting Standards. Those with incomes below this threshold must record their transactions in the Income and Expense Control system. Either manually or using computer applications.
The regulations also stipulate that these records must be prepared in Spanish. Within the national territory, and in Cuban pesos (CUP). If any transaction is conducted in another currency, the official exchange rate of the Central Bank of Cuba will be used. Supporting documentation for each transaction must also be retained for five years.
For taxpayers required to keep accounting records, the use of the business activity chart of accounts. The established pro forma financial statements, and the accrual principle for recording transactions is mandatory.
The National Tax Administration Office (ONAT) reiterated the importance of consulting official channels. Seeking advice from specialists when in doubt, and staying up-to-date on tax obligations to strengthen tax compliance.
By: Miguel David Bruzón Hernández
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