Tag: Roy McTaggart

COVID-19 recession could lead to tax

COVID-19 recession could lead to tax

| 13/08/2020 | 246 Comments

(CNS): Finance Minister Roy McTaggart has said that if the country runs out of reserves before the tourism sector and the world economy recovers, government may have to consider taxation. Though reluctant to use the word, he said that given the current situation with the COVID-19 pandemic, things could get very tough for the public […]

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Census postponed until 2021

Census postponed until 2021

| 04/08/2020 | 6 Comments

(CNS): Finance Minister Roy McTaggart confirmed Thursday night that the national census, which had been due to begin in October of this year, has been postponed. As last week’s session of Finance Committee was in its final stages, McTaggart said that the census, which is suppose to happen every ten years, would now begin in […]

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Duty under review as gov’t faces 25% revenue loss

Duty under review as gov’t faces 25% revenue loss

| 08/07/2020 | 56 Comments

(CNS): The finance minister has revealed that government is planning to make amendments to the Customs Tariff Law and will also consider a motion put before the Legislative Assembly seeking the removal of duty on medical supplies as part of that review. But Roy McTaggart warned that any duty reductions are unlikely to happen while […]

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Ministry waives $7.5M in duties

Ministry waives $7.5M in duties

| 30/06/2020 | 20 Comments

(CNS): The Ministry of Finance and Economic Development gave away some $7.5 million in stamp and import duties during 2019, Finance Minister Roy McTaggart told the Legislative Assembly Monday as he presented the ministry’s 2019 annual report. The minister said staff had processed 831 requests for waivers, though he did not say how many had […]

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Gov’t revenue plummets to record low

Gov’t revenue plummets to record low

| 28/05/2020 | 139 Comments

(CNS): Following a very successful start to the year and a bigger than expected surplus in the first quarter, everything changed in just one month for government revenues. Finance Minister Roy McTaggart reported on Wednesday that after spending $68 million but collecting only $23 million, a drop of $26 million on what was budgeted, government […]

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Local economy could contract by over 12%

Local economy could contract by over 12%

| 27/05/2020 | 115 Comments

(CNS): The Cayman Islands’ economy could contract by as much as 12.2% this year, according to Finance and Economic Development Minister Roy McTaggart. The gloomy forecast for the country’s short-term economic fortunes was not unexpected, but with the reality of a 19% unemployment rate, government will now need to create public sector jobs and fund […]

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CIG secures $153M loan at 3.25%

CIG secures $153M loan at 3.25%

| 20/11/2019 | 33 Comments

(CNS): Finance Minister Roy McTaggart revealed that Butterfield Bank has won government’s tender for a new loan to partially replace the bond debt that it will pay off in full this Friday. As Finance Committee opened Wednesday, the minister explained the 10-year-old US$312 million bullet bond will be cleared at the end of the week […]

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Local jobless rate at 4.8%

Local jobless rate at 4.8%

| 14/11/2019 | 138 Comments

(CNS) UPDATED: According to the 2019 Spring Labour Force Survey, compiled by the Economics and Statistics Office, the Cayman Islands’ overall unemployment rate increased from 2.8% in the Autumn 2018 report to 3%. However, this is an improvement on the Spring of 2018. Reading from the latest survey, Finance Minister Roy McTaggart revealed that the […]

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Business and public can tackle inflation, says minister

Business and public can tackle inflation, says minister

| 11/11/2019 | 45 Comments

(CNS): Having painted a bright picture of Cayman’s economic fortunes as he delivered his Budget Address on Friday, Finance Minister Roy McTaggart called on businesses and shoppers to address Cayman’s continuing inflation problem. With GDP expected to grow by more than 2% over the next two years, McTaggart said inflation will also be growing at […]

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Minister presents billion dollar budgets

Minister presents billion dollar budgets

| 08/11/2019 | 33 Comments

(CNS): Finance Minister Roy McTaggart has forecast that the government will collect CI$825 million in revenue during 2020 and spend almost $760 million in its first ever US$1 billion budget. But that record-breaking earnings and expenditure will be broken again in 2021, when the minister is predicting the government will collect almost CI$850 million in […]

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CIG to cut proposed loan for bond pay-off

CIG to cut proposed loan for bond pay-off

| 19/08/2019 | 28 Comments

(CNS): The Cayman Islands Government has confirmed that it will meet the bond payment of US$312 million (approximately CI$261.3 million) that is due to be repaid on 24 November this year and may not need to borrow as much as previously anticipated to pay off that bond and still maintain its cash flow obligations. As […]

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