On what basis does government charge 25 cents stamp duty on a transfer from a customer’s savings account to his checking account? This is just an internal transfer.


Ask Auntie, CNS Local Life, Caymanian statusAuntie’s answer: The reason seems to be “because they can” as a way to bring in money to the government, under the Stamp Duty Law (2013 Revision). Section 3(1) “Charge of stamp duty” says (the highlight is mine), “There shall be charged for the revenue of the Islands stamp duties upon the instruments specified in the Schedule at the rates therein prescribed.”

Found in that schedule it includes, “Bank receipts for withdrawal from funds on deposit.” The rate set for that transaction is 25 cents.

Whether this particular fee is fair is another thing entirely, but I would guess that those 25 cent charges add up over the year to a tidy sum for the government.

The law mentioned above can be found on the CNS Library

Send questions to auntie@caymannewsservice.com

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