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Cayman: Import duty break on electric cars nears

Slowly but surely, Grand Cayman is working its way toward an island-wide electric car charging system.

The problem now: More drivers need to go electric to make it financially viable.

Cayman Automotive President John Felder, the only seller of 100 per cent electric-powered vehicles on the island, said he has recently received word that help is on the way.

Possibly as early as next month, an updated Customs Tariff Law could allow import duty rate on 100 per cent electric-powered cars to be reduced from 22 per cent to 10 per cent. The duty for hybrid electric-gas vehicles would also be reduced from 22 per cent to 15 per cent.

That reduction is on top of a 10 per cent duty cut for electric vehicle imports approved by former Premier McKeeva Bush’s government in 2012.

The only thing holding up the import duty reduction, according to Financial Secretary Ken Jefferson, is the implementation of a computer tracking system for the much more complex Customs Tariff Law approved by lawmakers.

“I was told previously that the refinements being made to the new computer system are expected to be completed by September 2013,” Mr. Jefferson wrote in an email to Mr. Felder last month. “That is the approximate time frame that I expect the new Customs Tariff Law to be brought into effect.”
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