According to Reuters, the new law, which will take effect within 90 days, will cut taxes on profits by half to about 15 percent, as well as eliminating a labour tax and granting new investors an 8-year exemption on the profits tax.

The Cuban parliament on Saturday unanimously passed a new law to open up the country to more foreign investments, promising less government control and greater flexibility for overseas investors.

<p>The Cuban parliament on Saturday unanimously passed a new law to open up the country to more foreign investments, promising less government control and greater flexibility for overseas investors.</p>

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