Stamp Duty on Exports
Published 18th January 2002, 12:41pm
Couriers and others exporting goods from the Cayman Islands are now required to pay stamp duty of CI $2.00 per airway bill or per bill of lading.
Stamps totalling the amount of stamp duty required may either be attached to the bill of lading, airway bill, or to the outgoing manifest that summarises the bills of lading or airway bills.
The Customs Department will be responsible for enforcing these charges.
The courier will be expected to produce a manifest, listing a description of the goods, quantity, weight, the amount of consignment, and the airway bill number. This is expected to speed up the export process, although Customs will still reserve the right to examine outgoing shipments.
These charges are outlined in the Stamp Duty (Amendment) (No. 3) Law, 2001 which took effect January 8, 2002. A copy of the amendments costs CI $0.80 and may be obtained from the Legislative Assembly.