CHAMBER SEEKS MEMBERS’ FEEDBACK ON BUDGET MEASURES

By Staff Writer

The Chamber of Commerce, via its Chamber Council, is polling its membership for their views on the national budget just passed in the Cayman Islands Parliament.

Viewed in some circles as the most far-reaching and consequential budget in Cayman’s recent political and economic history, the first budget by the ruling National Coalition For Caymanians (NCFC) has been hailed by the government as a veritable game-changer for Cayman.

In its outreach to members to participate in the exercise, the Chamber states: “The Chamber Council is asking all members to complete a short survey on the Cayman Islands Government’s revenue measures. We want to understand how these changes may affect your business or association, and your input will guide our discussions with policymakers. Your feedback is important. The survey takes only a few minutes, and your responses will remain confidential.”

A 13-point questionnaire seeks feedback on key issues in the budget, including the new and additional fees on the financial sector, stamp duty, land transfers and work permit fees, among others.

For the tourism sector measures, the Chamber is asking its members if they support new or increased fees for tourism activities, such as visitor levies or accommodation fees.

Regarding other specific domestic measures, it seeks feedback on the proposal to adjust business licensing fees across sectors, import duties, increases to fees or taxes on alcohol, tobacco, and whether they support introducing or increasing environmental protection fees.

The Chamber also wants to hear from its members how they view setting different Government fees or rates for Caymanians and non-Caymanians, particularly in areas such as small business licensing, work permits, or income-related charges.

The survey also asks if the members support the use of new or expanded fees to fund public infrastructure, and if they are satisfied with the overall approach to raising Government revenue.

During the delivery of the budget and the subsequent intense debate and Finance Committee meetings, the NCFC administration maintained that the budget was “Guided by the theme A Responsible Path to a Stronger Tomorrow: A Pragmatic Approach to Addressing the Public’s Needs”.

Hon. Minister of Finance Rolston Anglin, who presented the Budget Statement, said it reflected “a careful balance between fiscal prudence and the duty of care we owe to our citizens.”

Hon. Premier Andre Ebanks had previewed the Budget Statement, likening it to former US President Franklin Roosevelt’s post-Depression New Deal strategy. He described it as “founded in the financial prudence and principled vision, primarily to benefit the Caymanian Community (at home and abroad). This is what our people have called for in their Government,” he had stated.

The intense scrutiny of the provisions in the budget culminated with the main opposition People’s Progressive Party (PPM/Progressives) abstaining from the final vote in Parliament.

The party said while it “recognises that the Budget contains some positive initiatives”, it still had “concerns about the administration’s financial strategy of tax, borrow, and spend, and the impact this approach may have on Caymanians.”

In a comment which could be seen as having a bearing on the Chamber’s new survey of its members for their views on the budget, the Progressives noted as part of its reasons from abstaining from voting on it that: “The Premier acknowledged during the Finance Committee meeting that consultation with Caymanian stakeholders — particularly small business owners — is still underway on the Government’s proposed revenue measures.”

For its part, the Chamber, in appealing to its membership to complete the survey and share their views confidentially, urged: “Your feedback is valued and will help us share accurate member views with the Cayman Islands Government.”