When was the tourism accommodation tax first introduced in the Cayman Islands?

The tourism accommodation tax was first introduced in the Cayman Islands in 1995. This tax was a significant measure aimed at generating additional revenue from the tourism sector, which is a vital part of the Cayman Islands' economy. The introduction of this tax allowed the government to fund various public services and tourism-related infrastructure, helping to maintain the islands as a premier destination for visitors. The choice of 1995 as the year of introduction reflects the government's strategy at the time to enhance the economic potential of the tourism industry by implementing a structured taxation framework. This move has had long-lasting implications for both the tourism sector and the overall economic development of the Cayman Islands.