Cayman Simplifies Customs Procedures
by Mike Godfrey, Lowtax.net, Washington
13 August, 2014
The Cayman Islands has launched a number of initiatives to speed up and simplify matters for cross-border traders. The announcement comes after a two percent reduction in several duties.
To expedite the process of duty assessment, the Cayman Islands has announced that from September 1, 2014, companies may elect to either continue coding their own invoices, or pay a KYD5 (USD6) fee per declaration to have codes added by Customs staff.
Samantha Bennett, Collector of Customs, said: "Our biggest complaint in relation to the Customs Tariff Law now appears to be the company/importer resources required to code out the invoices, which can take hours. Some businesses simply do not have the resources to do this."
In addition the tariff coding system will be simplified. Headline codes will apply to specific groupings of goods, and sub-tariff codes will apply to specific items.
The Government also announced the introduction of an online portal for tariffs which will soon be available for use by all importers. This will be offered to large companies that have a secured bank guarantee and bond from September 1, 2014, before being offered to small and individual importers by the end of the year.
Also, to facilitate registration for electronic items taken overseas, the Department of Customs is offering an online option for registration. Travelers will be able to register items online with photos beginning from August 11, 2014.
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