New budget revenue measures now in place

| 27/11/2012

Tax-Squeeze_HiRes (194x300).jpg(CNS): All of the new draft revenue measures to help balance this year’s budget are expected to be in place by the end of this week, the premier said in a statement released from his office Friday. In an email to the finance industry sent last week, the government outlined the measuresthat will see the financial services sector in particular digging deeper to help produce the surplus budget agreed between the local and UK governments. McKeeva Bush said that with the passage into law of the Framework for Fiscal Responsibility and the balancing of expenditure reductions, Cayman was in a stable budgetary position in comparison with other major economies. He said his government would continue to engage with industry as it works towards improving the budget development process.

“I thank the Ministry, as well as all involved in this multifaceted process, for working toward achieving our mutual goal of a stable national budget, and a continuously healthy financial services industry. I particularly thank Legislative Drafting for its work in preparing multiple pieces of legislation under a tight timeframe, and with limited staff,” the premier said.

“As the public is aware, the process of developing a budget involves many moving parts, chief of which are revenues and expenditures. For the 2012/13 budget year Government placed a renewed emphasis on expenditure reductions, which have mitigated the revenue measures that are now in consideration,” he said, despite the fact that operational expenses in this year’s budget remain the highest in Cayman’s history.
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Comments (11)

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  1. Anonymous says:

    Prediction: revenue will be less than projected, expenditure will be more than budgeted and the country will be in even more trouble when next year’s budget is due.

  2. JTB says:

    Apparently market forces don't apply in Cayman.

     

    No matter how much we put up our costs, our customers will keep coming back to us, rather than moving to our competitors in the BVI, Bahamas, Channel Islands, Dubai, Hong Kong, Turks & Caicos, Cyprus, Singapore, Isle of Man ….

     

    Aren't we lucky that McKeeva understands international finance so well, and that the golden egg-laying goose is so safe in his hands.

  3. Anonymous says:

    I don't see a salary decrease to our MLA's to accommodate 3 extra MLA's in May

    How can the country survive having to pay 3 more exhorbitant salaries?

    The majority of our MLA's are so overpaid for the amount of work they do, they could easily take a salary cut to pay the new ones

    Otherwise we will have to prepare ourselves for more increases in the cost of living, licenses, etc.

    • Anonymous says:

      They should split the current budget for MLA's. Everyone has a little less pay for a little work.

  4. Anon says:

    Never in the field of human achievement, have so few, paid so much, for so little. (sorry Mr. Churchill).

  5. Anonymous says:

    And where is the promised repeal of mandatory pension contributions (at least for expats) that was supposed to accompany the gov revenue measures?

  6. Anonymous says:

    I hope people realise that we face MORE fee increases in 6months from new incoming government

  7. Anonymous says:

    Since McKeeva claims (haha) to be pro-business….

    Class A bank license fee is now $1MILLION dollars 

    just for the license…  $1MILLION before the bank even does staff payroll, paid utilities, rent or overheads — these 7 banks employ alot of Caymanians, give numerous scholarships, sponsor numerous community events and teams etc

    Cayman has priced itself out of market

     

  8. I Am Donkey Face says:

    "For the 2012/13 budget year Government placed a renewed emphasis on expenditure reductions"  Genius.  Pure comedy genius.  Mac are you releasing a Christmas DVD of your stand up routine?

  9. Anonymous says:

    Someone tell McKeeva that the Cayman Islands aren't a major economic power in the world and just a small town council that hosts several international companies.

  10. Anonymous says:

    All an Cayman eagerly await the usual "Caymankind" interpretation, unaccountable disregard and blaming that is the benchmard of modern Caymanian government method of operation.