Upgrade for Customs Records
Published 12th September 2007, 11:54am
Government is moving to place on an international footing the Customs Department's recording practices with regard to goods entering and leaving the Islands. This will provide for greater accuracy in assessing the volume and value of goods entering and leaving the Cayman Islands.
The provision is contained in a bill for law to repeal and replace the Customs Tariff Law (2002 Revision), and which was published as Supplement No. 3 of Gazette No. 18, dated 3 September 2007. Among other provisions, the bill will facilitate the use of the Harmonised Commodity Description and Coding System in the Classification of Exports and Imports. The bill's memorandum of objects and reasons explains that this is an international methodology based on designs by the World Customs Organisation and a department of the United Nations.
It was explained in the bill's memorandum of objects and reasons that because there is not enough detail in the classification of imports and exports, the volume and value of items brought in or sent out of the Islands cannot be precisely assessed.
"No policy decision can therefore be taken by the government on the quantity of a specific item to be imported. In addition, the government is unable to calculate how much revenue will be raised or lost if a policy decision is taken to increase or decrease customs duties in specific areas," the bill reads in part.
The proposed bill has been posted on the Government website, and can be accessed by selecting the "Gazette" link on the home page.