New tariff codes

In April, a new Customs Law was passed changing how the government keeps track of exactly what goods are coming into the country.

The Chamber of Commerce held the latest session in their Be Informed! series on Wednesday with a Customs officer who could explain the changes. Each imported item is currently assigned a category code. The new law raised the number of category codes from 221 to approximately 5000, allowing Customs officers to be much more specific.

“The role of the Chamber of Commerce is to educate the membership on all the substantive changes, the legislative changes, that take place. That is our job and we take it quite seriously. This is just another of a series of getting to educate and enlighten the membership on things that impact their businesses,” Chamber of Commerce VP, Johann Moxam, said.

The new system is an internationally standardised model that is expected to increase the efficiency of revenue collection.

Comments are closed.

Share your opinions with us

Cayman 27 wants to hear what you have to say! Help us get to know you better by taking a quick survey.

Take Survey No Thanks