The Cayman Islands Custom Department delivered an informative presentation on the new Customs Tariff Codes and other relevant changes outlined in the revised Customs Tariff Law on Wednesday, 30 May, at a Chamber’s BE INFORMED series presentation.
The Bill that passed on 5 April, 2012, replaces the existing 221 categories of imports and exports with 5,000 more specific categories. This reflects the adoption of the internationally standardised system of names and numbers to classify products.
The system was developed and is maintained by the World Customs Organisation, formerly the Customs Cooperation Council, which is an independent intergovernmental organisation of 172 member countries.
“There are not many of us who do not have to import some type of goods into the Islands and therefore this change will affect us all. These changes however must be seen as positive as we seek to update our systems to match the majority of other countries around the world – systems that have been standardised by the World Trade Organisation. These are interesting times for us all and we must congratulate the government on creating these new efficiencies so that we may receive a more effective service in addition to more accurate trade statistics.”
Johann Moxam, Vice-President
The Premier has stated that the long-awaited revamp of the coding system for classifying imports and exports means the government will have more accurate and detailed statistics on which it can base policy decisions on import duty tariffs.
Previously provided information was too vague to enable the government and trading companies to determine the accurate volume and movement of imports and exports.The government believes that this new process will make the customs system more transparent and enable a more efficient collection of tariffs, as well as providing national statistics on imports and exports.
The new Law is not meant to increase import duty on any specific item or category.
All items listed as duty free in the existing tariff law will remain duty free under the amended law. If any of the fees are to be revised from the existing, then it must be done by the Governor in Cabinet and then passed by the Legislative Assembly.
The Chamber’s BE INFORMED series presents information to our membership on important community issues identified as topics of concern and interest. This unique forum allows you to ask the questions that matter to you and get the answers straight from the experts. Thank you to our 2012 sponsor SteppingStones Recruitment. For information on upcoming BE INFORMED events visit www.customs.gov.ky
For more information on the new Customs Tariff Law you can visit www.customs.gov.ky