Personal import duty rises this week

October 29, 2018

1 Min Read

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.

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Caroline James

Caroline joined Cayman 27 in September 2018 after seven years working for Sky News in London, both as a Producer on the World News programme and, latterly, as News Editor on the Foreign Desk, where she led coverage on the ground of stories as diverse as the 2016 US Election, corruption allegations surrounding FIFA and The Oscars. Before this, she worked as a Producer for Associated Press Television News (APTN) for two years, based in their London headquarters. Caroline graduated with a BA Hons degree in Arabic, French and German from Durham University, before gaining an MA in Television Journalism with distinction at City University, London. When not hunting down stories in Cayman, she can be found playing tennis, practicing Bikram yoga or enjoying a beer on Seven Mile Beach. You can reach Caroline at carolinejames@hurleysmedia.ky or 326-2243.