Cayman Government Seeks Sources For Additional Revenue

by Amanda Banks, Tax-News.com, London

14 February 2006

The Cayman government is examining a number or revenue sources to see how an extra $25 million can be raised with minimal impact on the economy.

According to the government, the new revenue, which is in addition to government’s normal income, is needed in the July 2006 to June 2007 financial year to help finance capital projects including new schools and roads, as well as more equipment and resources for the police force.

In addition to the $25 million needed for the 2006-2007 financial year, $3 million has to be raised for the 2007-2008 period under the Strategic Policy Statement (SPS) tabled in the Legislative Assembly on 30 November last year.

The Portfolio of Finance and Economics has compiled and presented to Cabinet a list of all government revenue sources, which is now under review by the Cabinet.

Called the 'revenue register,' this list has also been sent to private-sector organisations and professional associations, seeking their ideas on how the government can raise the funds.

The revenue register lists 190 fee types now collected by 18 government departments and agencies. These fee types have multiple sub-categories that attract various charges.

While many of these fees and charges are constantly updated, the government has noted that some have remained static for almost thirty years.

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