Communist Tax Lawyer

A news, research and discussion platform for monitoring the evolution of Communist and ex-Communist countries to market economies

 

Finance & Taxes

Cuba to Regulate Foreign Companies’ Bank Accounts

April 22nd, 2009

Cuba’s central bank will put restrictions on the banking transactions of foreign companies operating inside the communist country starting on May 7th, according to Reuters.

The Nuevo Tribune newspaper has speculated that this surprise move has come as an attempt to cut down on illegal financial activities, such as money laundering, which have become a problem in the country.

Other sources believe that the move is in response to liquidity problems in the economy following a disappointing 2008.

The news regarding the changing banking policy was sent out via mail by state-owned Banco Metropolitano to foreign establishments and associations.

In the future, withdrawals will be restricted to those required to pay salaries to Cuban employees and special authorization from bank officials will be required for other bank transactions.

Investment in Vietnam’s central region remains half-baked

November 18th, 2008

Vietnam’s central region has seen many investment projects remain incomplete as investors fail to finish the work they started.

In the ancient city of Hue in Thua Thien-Hue Province, a dozen projects involving residential areas and tourist and greenery parks are left only half-complete after several years of construction. Examples include the 199-ha urban area in An Dong Ward, the 32-ha urban area in An Tay Ward, the 84-ha Xuan Phu Urban Area and the 31-ha Dong Nam Thuy An.

Moreover, none of the 31 hotel and entertainment park projects licensed since 2003 along the Hoi An-Dien Ban coastline in Quang Nam Province has been finished.