Email this pageViewpoints
Comment Policy
The comments posted do not necessarily reflect the views of CNS or any individual staff member. All comments are posted subject to approval by CNS. Read more
Recent Comments
- "Unfortunately, this article
45 min 6 sec ago - That picture is such a
1 hour 1 min ago - Looks like Cayman not out of
1 hour 3 min ago - This is coming from a country
1 hour 18 min ago - Contempt of court is an
1 hour 19 min ago - all because of a lack of
1 hour 22 min ago - To all the people who go on
1 hour 37 min ago - One can collect more evidence
1 hour 39 min ago - there is also the
1 hour 39 min ago - I, for one, am throughly
1 hour 50 min ago
Search
Join Our Mailing List
Follow CNS via ...
Facebook Twitter RSS
Comments
Direct Donation
The problem I have seen with direct taxation is that much of what is collected is eaten up to maintain the administration, collection and enforcement of said tax.
Rather than considering methods of intimidating people to "contribute". Why not start by creating a method where by those whom wish to can donate to the maintenance of our beloved country that has blessed us with this enviable life style.
It is my opinion that by promoting and rewarding a spirit of direct donation and volunteerism. A "pay it forward" mindset could evolve that would have the potential to create something much greater than anything we could ever presently imagine.
I always thought that a tax
I always thought that a tax should be spent on those who pay it. Remember that line "taxation without representation"? If your only going to spend it on the locals then just the locals should pay it. If your going to spend it on everyone that lives here then everyone that lives here should pay it. If your going to spend it on everyone who lives and or works here then everyone who lives or wokd here should pay it. You should get what you pay for and you shouldn't ask some one else to pay for what you alone are getting. Just because some one makes more money doesn't mean they should pay YOUR share. Taxes, dutys, fees, same thing different spelling. Unless you truley belive (and there are many) that some one else should pay for your share you should not have a problem with this.
Workeable solution
A flat payroll tax of 5%
first $50,000 in income exempt
Processes already in place, can piggyback off systems currently using pension deductions.
This would raise significant income--and a good portion of the population would be exempt from payment.
Benefits include:
Being able to pay for infrastructure
Have real tax treaties between countries, making Cayman a more credible jurisdiction and in better standing with OECD.
We are spoiled, we want the best schools, the best roads, healthcare, police, fire....yet unwilling to pay.
If we don't we are faced with raising income through stamp duties, license fees...and drive away investors, workers (cost of living gets way too high) tourists. We can no longer continue to raise accommodation taxes and financial services fees. The golden goose is half way dead.
A Luxury Tax would be a
A Luxury Tax would be a better option. It should be placed on vehicles and properties that pass a certain threshold. This way those who truly cannot afford such a tax would not be adversly affected.
I have always asked the
I have always asked the question of "who are we developing Cayman for"? If the indigenous Caymanian cannot get the biggest share of the pie, then there is no point of continuing along this path.
That being said, we should all be mindful that there is only so much land left that is undeveloped in this little 76 square mile island of Grand Cayman. The question is, what do we do after we have developed the little bit of land that is left, what form of revenue will the government embark upon at that time.
Let us think about the price we are now paying for this so-called prosperity. Our greatest yield on it is a unprecedented crime level. With these few works, let us levy a Luxury Tax on those that can afford it, particularly those with such expensive condos around the island. What are we afraid of, what are they going to do? Are they going to leave them behind? I hope they do, because it may open a window of opportunity for some of us as Caymanian to acquire a piece of the prize property that was given away by our founding fathers.
As an former civil servant in
As an former civil servant in the UK I have to seriously question to concept of the a payroll tax for the Cayman Islands simply on a cost/benefit basis.
It is rather like the questionable effectiveness of the proposed lottery. With a total population of around 50,000, the islands are going to be struggling to cover the overheads of both suggestions.
Simply setting up the administration and enforcement infrastructure needed to get a payroll tax off the ground is likely to absorb the first 4-5 years income and the running costs will no doubt take a hefty chunk of the profits in the years to come. Remember the first thing that has to be done is to generate an accurate record of all businesses and employees on the islands - something that does not currently exist.
About the only possible benefit of a payroll tax is that it would enforce the centralised registration of all businesses and their employees. This might go a long way towards eliminating on-going fraud relating to pension/medical insurance payments whilst also creating an agency capable of monitoring underpayment or non-payment of wages.
it would be interesting to
it would be interesting to see how bonuses, dividends and stock options would be treated by this tax.
This proposal is reminiscent of the idea of taxing western union and quick cash remittances but not wire transfers or online account to account transactions. Only the small fish pay the piper.
Once again, this payhroll tax appears to be a proposal that fails to net the big fish.
I love the irony of having my
I love the irony of having my Cayman wages and bonus paid into an account in the US or into an offshore account by my employer to avoid my exposure to payroll/wire taxes.
As the UK’s Foreign
Payroll Tax...
I thing that passing a payroll tax is a terrible proposal.
I can barely afford to live in this extremely expensive country as it is.
If the government is looking to generate more revenue I have a great proposal: Increase the work permit fees(double or triple current fees). By propossing this I'm not implying that the government increase the expenses of the average Joe salon or convenient store owner etc. I'm reffering to the multi-million dollar makers on the island - the offshore banks, retail banks, law firms, accounting firms etc.
If the government is trying to cut it's expenses I propose that they first start by cutting the MLA salaries by 50 to 75 percent.
Silly- Raise work permits costs
What an idiotic statement - Triple work permit costs, ok so lets raise the cost of doing business further and chase away all remaining potential investors...
Destroy the Hotel industry and drive costs up , means businesses will not provide top level services because they cant afford to employ people - Managers Chefs F&B Directors etc...
The only way to solve Caymans problems is to implement a consumptive tax based on making the least impact to Caymanians and Cayman business's.
If you want nice schools better roads and a better Cayman , then someone has to pay for it...Noted by initial reactions that Caymanians are patriotic up until the point they have to contribute something to their own country...
A VAT needs to be introduced, this would no affect salaries, would not affect property purrchases, It would be exempt on personal Electricity Bills, Water and Rent below CI$1500 per month. You would exempt basic foodstuffs (necessities to assist the poorer people - cooking oil, rice flour, locally produced foodstuffs including fish to encourage and support local growers and fisherman).
A 10% VAT would be a fair tax, the person who spends 10 dollars in the supermarket would pay 1 dollar in tax and the wealthy person who spends 100 dollars in the supermarket pays 10 dollars. This is a fair system that generates fair revenues based on consumption making it easy for Government to accurately predict revenues. The rich spend more ergo they pay more taxes, the poorer spend less therefore they pay less tax...
We have cruise tourists buying goods in Gerogetown , and the Government generates nothing from their spending in Restauranst and shops, the VAT would mean we could generate revenues from these people...Currently Hotel guest pay a 10% accommodation tax, but pay nothing on there Bar Bill , Room Service, Guided Trips, Car Hire, Restaurant Bills and Spa treatements.We could generate plenty of revenues from these sources...Without hurting Caymanians and business's...
A fair consumptive tax added to a restaurant bill such as 10% VAT , is acceptable and practised in most civilised countires, sp the Tourists will not ming , neither will the expat workers and expatriate residents, because to them Tax is normal.
Cayman needs to lower cost of doing business to attract the right investment - dont cook the goose that lays the golden egg...
Be smart...we need to start contributing to our own country and our own future. This is called social responsibility and patriotism...
Be careful what you ask for.
Be careful what you ask for. If you add a community service tax - you might loose the millions of community service donations that are given by business and individuals each year to support community efforts and needs.
Payroll Tax...
Absolutely not a "good idea".
A majority of expats work abroad for the simple benefit of tax free income. Some countries require taxes to be paid on monies earned abroad therefore those incomes would be taxed twice.
I beleive if an income tax law was passed, many expats would leave the Cayman Island's and possibly pursue legal action against their employers.
Post new comment