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Cayman: Lower duty rate starts for electric cars

John Felder of Cayman Automotive demonstrates how to ‘plug in’ an electric-powered car. – Photo: Brent Fuller

A duty reduction on imported electric-powered vehicles took effect Saturday as part of the new rate system set out in the Customs Tariff Law, 2012.

“Electric vehicles arriving in the Islands from March 1 onwards will attract [a] significantly lower duty rate when compared to the existing duty rates,” Cayman Islands Financial Secretary Ken Jefferson confirmed over the weekend.

The updated Customs Tariff Law allows a reduction in import duty from 22 percent to 10 percent on a fully electric-powered car. The duty for hybrid electric-gas vehicles has been cut from 22 percent to 15 percent.

The reduced tariff is on top of a 10 percent duty cut on electric vehicle imports approved by former premier McKeeva Bush’s government in 2012. Typically, vehicle imports are charged an average 32 percent duty rate, but the rate can go higher depending on the size of the vehicle.

Cayman Automotive owner John Felder has been waiting for the news.
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