While the Minister says the 10% payroll tax for work permit holders is not a done deal, sources also tell Cayman 27 that government will likely take the CEF off the table. While there are no firm details yet as to what the other sources of revenue are, sources tell Cayman 27 government is looking at the financial industry for some of the $50M needed in revenue to satisfy the UK the budget is sustainable. Cayman 27 understands government decided to revist the idea after a meeting Thursday night.
Government made the announcement last week that work permit holders will have to pay 10% of their salary if they make $36,000 a year and over.
Some people say they are shocked government would make the bold step of crossing the line to enforce direct taxation via one’s income.
Cabinet Minister Rolston Anglin joins Cayman 27’s Tammi Sulliman to discuss the decision to make this move.