Cuba's government has released further information on a proposed foreign investment law that will cut the profits tax in half and exempt investors from paying it for eight years in an attempt to attract capital into the communist economy.
Cuba adopted a new tax code this week and said it would loosen regulations on some state companies while turning others into cooperatives, as one of the world's last Soviet-style economies moves in a more market-friendly direction.
Cuba's Communist Party selected President Raúl Castro and hard-liners from the old guard to steer wide-ranging reforms of the island's crumbling economy. As expected, Raúl Castro, 79, was chosen at a four-day party congress to replace his older brother Fidel Castro as first secretary of the ruling party's Central Committee.
Fidel Castro, the former Cuban leader delivered Saturday his first speech to the national assembly since resigning over ill health four years ago. The chamber erupted into applause at the sight of Mr Castro, dressed in his familiar olive-green fatigues but without his comandante's insignia.