Cayman Drops Plans To Tax Expat’s Income
Cayman Islands Premier McKeeva Bush has dropped the proposed 10% payroll tax for expats, and will be looking at other ways to balance the Cayman budget.
The tax — which he referred to as a “community enhancement fee” — had caused great controversy in the Cayman with a Facebook group Caymanians and Expats United Against Taxation attracting over 11,000 people.
“The community enhancement fee is now off the table and will not be implemented,” Mr. Bush said in a statement released Monday evening.
“At our public meeting on Wednesday, 1 August at the John Cumber Primary School Hall, I stated that the community enhancement fee would be taken off the table if robust, credible and sustainable revenue that did not hurt the poorest members of our Islands was found,” Mr. Bush said. “We are satisfied that many of the commitments from the private sector will meet these criteria.”
The Caymanian Compass reported that they understand that proposals like increased work permit fees for certain sectors of the economy, increased levies on certain properties, increased fees on certain aspects of the financial services sector and even legalised gambling had been discussed.
Taking a page from Bermuda’s playbook with the flip-flop on this proposed plan.
They woke up and realized that they should not mess with their economy.
Learning from Bda’s fatal economic mistakes.
Yes indeed footwear flip flops seem to be the latest fashion statement in politics globally. but back to Caymans..the money will still come from the same source so I can’t imagine what the alternative will be, maybe the same thing by a different name..the essential soundbite being He doesn’t want to tax the poor, which is a good thing,however; try telling employers to suck up the costs without passing it on, that will require a delicate balance of language.
Sounds like a banana republic to me!