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Cubans jump at chance to become entrepreneurs

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Cubans jump at chance to become entrepreneurs

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From this week, enterprising Cubans can apply for licences allowing them to set up their own private businesses under a new tax system.

It is all part of President Raul Castro’s economic overhaul of the Communist island and is linked with a cut of 500,000 state jobs to save costs.

Under the new tax system self employed workers will have to pay 10 percent income tax plus another 25 per cent into a social security account.

Those earning less than 5,000 pesos will be exempt.