From Thursday (1 November), residents and Caymanians returning from abroad will see a rise in the value of goods they are allowed to bring back into the country, without incurring customs duty. That is when the new personal import duty allowances kick in.
Finance Minister Hon. Roy McTaggart explained why government introduced the increased allowance, even though the duty has been a lucrative source of income in the past.
“We thought, really, that it was a way to try to help the average Caymanian, put a little more money in their pockets,” Mr. McTaggart said, adding: “you’ll also see that with the enhancements we’re proposing to make with the stamp duty amendment law, to give lower and middle-income Caymanians a good break with regards payment of stamp duty on their first property acquisition.”
Mr. McTaggart said it was all designed to help “stimulate the continued growth.”
The personal import duty allowance when shopping overseas will increase to $500 from $350 from 1 November.