MARINE INDUSTRY (IMPORT DUTY AND TONNAGE TAX) (DRAWBACK) LAW

CAYMAN ISLANDS MARINE INDUSTRY (IMPORT DUTY AND TONNAGE TAX) (DRAWBACK) LAW (1999 Revision) Supplement No. 2 published with Gazette No. 17 of 16th August, 1999. PUBLISHING DETAILS Revised under the authority of the Law Revision Law (1999 Revision) Originally enacted- Law 11 of 1968-29th March, 1968. Revised this 8th day of June, 1999. Page 2 Revised as at 8th day of June, 1999 c Marine Industry (Import Duty and Tonnage Tax) (Drawback) Law (1999 Revision) Arrangement of Sections CAYMAN ISLANDS MARINE INDUSTRY (IMPORT DUTY AND TONNAGE TAX) (DRAWBACK) LAW (1999 Revision) Arrangement of Sections Section Page 1. Short title ...................................................................................................................................5 2. Payment of drawback on materials, etc., used in ship-building ...................................................5 3. Sum equivalent to duty and tonnage tax to be payable in certain events ....................................6 4. Offences ....................................................................................................................................6 c Revised as at 8th day of June, 1999 Page 3 Marine Industry (Import Duty and Tonnage Tax) (Drawback) Law (1999 Revision) Section 1 CAYMAN ISLANDS MARINE INDUSTRY (IMPORT DUTY AND TONNAGE TAX) (DRAWBACK) LAW (1999 Revision) ENACTED by the Legislature of the Cayman Islands. 1. Short title 1. This Law may be cited as the Marine Industry (Import Duty and Tonnage Tax) (Drawback) Law (1999 Revision). 2. Payment of drawback on materials, etc., used in ship-building 2. There shall be paid a drawback equal to import duty and tonnage tax paid on their importation of ship-building materials and accessories of any kind for ship-building which shall have been specifically imported into the Islands and used in the building and equipping of any ship or boat on production to the Collector of Customs by the builder of such ship or boat of a certificate signed by such builder to the effect that such materials and accessories have been used by him as aforesaid, and where it is proven to the satisfaction of the Collector of Customs that such ship-building materials and accessories have been imported into the Islands. c Revised as at 8th day of June, 1999 Page 5 Section 3 Marine Industry (Import Duty and Tonnage Tax) (Drawback) Law 3. Sum equivalent to duty and tonnage tax to be payable in certain events 3. (1) Where any materials or accessories in relation to which drawback has been paid under section 2, are sold or otherwise disposed of within three years of their importation for use for any purpose other than those referred to in that section, the person by whom such material or accessories are sold or otherwise disposed of shall forthwith pay to the Collector of Customs a sum equivalent to the import duty and to tonnage tax which would have been payable on such materials or accessories at the time of their importation into the Islands if this Law had not been enacted, by the importer of such materials or accessories as the case may be. (2) Any sum payable to the Collector of Customs under subsection (1) shall be recovered by information as a civil debt. (3) Where any outboard motor is imported solely for the purpose of providing motive power to a boat which is exclusively used for commercial fishing or for any purpose connected with the plying for hire of tourists, section 2 shall apply. 4. Offences 4. Whoever knowingly gives a false certificate in terms of section 2 is guilty of an offence and liable on summary conviction before a Magistrate to a fine of one hundred dollars and to imprisonment for three months. Publication in revised form authorised by the Governor in Council this 8th day of June, 1999. Carmena H. Parsons Clerk of Executive Council Page 6 Revised as at 8th day of June, 1999 c