It is my opinion that the need to swell government with civil servants and add on new agencies during the previous administration is what has gotten us into such huge debt.
The government of the Cayman Islands should continue to be a regulatory body and be responsible for implementing or amending new laws to benefit the private citizens while seeking to slowly privatize some of the industries that it currently runs as a means of cutting obligations and increasing revenue.
The proposed PFI’s on such areas as Boatswains Beach are a good start where the expense is taken on by a private company and taken off the people of the Cayman Islands.
One example of where government can increase revenue is to follow the model it currently does in regards to hotel tax on room nights. The government has a 10 per cent tax on the cost of each hotel room night by tourists and this obviously is a great source of revenue for the Cayman Islands.
If we looked to do some similar sort of tax on imported beer for example as we have our own brewery, which can supply the consumers of the Cayman Islands adequately, we can increase revenue while taking on no risk while giving the local business an advantage over imported competition.
Another idea to increase revenue without taking responsibility for the business is to legalise marijuana and then tax it.
While this is certainly not a new idea, it would be hard for anyone to convince me of any negative impacts that legalising and then taxing marijuana would have on this country. With less people being convicted for marijuana use all of a sudden the Northward numbers decline and there is less financial burden on government to house these ‘criminals’.
Now these are just two ideas of where government can look to increase revenue and maintain control over an industry without necessarily taking on the costs which will come with running and operating the business itself.