Cayman Islands premier delivers the government’s Strategic Policy covering 2015-18
- Reduced the duty on building materials to 15 per cent from as high as 22 per cent for some items.
- Removed the import duty on critical ingredients for local bakeries.
- Amended the Customs tariffs to give a duty rate of 10 per cent to electric motorcycles and electric segways - the same rate as for electric cars, and a 15 per cent duty on hybrid motorcycles - the same rate for hybrid cars.
- Implemented a series of changes to Trade and Business License Fees as an incentive to support the creation and development of new businesses. Businesses with 10 or fewer employees are being permitted to pay their annual license fee in quarterly instalments instead of the typical one-time full payment.
- An increase in Government revenue, from increased consumption;
- an increase in employment as a result of increased demand for services;
- a reduction in the demand for social benefits as families are able to afford more on their own;
- an increase in construction, as families are able to better qualify for mortgages or afford home improvements; and
- a highly effective means of dispersing economic stimulus.
Published November 26, 2014
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