Revenue sources sought

Cayman’s revenue base would have to be increased by about $25 million over the next financial year, projections indicate.

Minister Alden McLaughlin gave the news as he spoke of a projected $240 million capital outlay over the next three years while answering questions at Friday’s Cabinet press briefing.

It would mean they would have to increase fees or taxes and/or find additional sources of revenue, he told the briefing.

That project was under way, he said, and they had already had discussions and reached agreement with the fund industry.

There was provision in the current budget for $3.5 million to $4 million projected revenue from that industry to fund the needs of CIMA, he said.

An increase of $500 per fund was being proposed, he added.

The government would continue those sorts of discussions with various stakeholders and be open and frank about the country’s financial needs, Mr. McLaughlin told the briefing.

They had looked at long term projections and were able to sit down and think long term, he said.

They did not want to be in a position where they were short of money at the last moment and had to find it from somewhere, he added.

If you value our service, if you have turned to us in the past few days or weeks for verified, factual updates, if you have watched our live streaming of press conferences or sent an article to a friend... please consider a donation. Quality local journalism was at risk before the coronavirus crisis. It is now deeply threatened. Even a small amount can go a long way to sustaining our mission of informing the public. We need our readers’ financial support now more than ever.

Donate