Wayne Panton, Minister for Financial Services, Commerce and Environment, has confirmed government has no plans to introduce new revenue measures in the current year. Any policy decisions on the previous measures, once determined by Cabinet, would be made in the 2014/15-budget year.

Panton was speaking in regard to the responses government had received to its July 16 consultation paper on possible revisions to recent revenue measures.

Government asked industry associations to comment on the revenue measures and to provide alternate proposals, with justifications and detailed information to support their positions.

To date 11 responses have been received.

“This feedback will help government to understand the true impact of the recent revenue measures, which were implemented between October 2012 and January 2013, and to consider appropriate actions,” Panton said.

Cayman Finance, who has accepted government’s invitation to participate in the consultation process said they were very delighted to be part of the process.

Gonzalo Jalles, Chief Executive Officer of Cayman Finance, said, ““This is another example of the commitment by the Cayman Islands Government for continued dialogue with the industry, and Cayman Finance remains committed to collaborate in any way possible.”

One of the respondents to the consultation papers is the Cayman Islands Chamber of Commerce who supplemented its response with an analysis of 17 fee increases. Included were comments from Chamber members together with competing jurisdictions fees.