Import duty reductions and planning
fee deferrals aimed at stimulating the local construction and development
industry will begin this week.
In his 2011 New Year’s Day message,
Premier McKeeva Bush spokes of the measures, some of which were announced
without specific details in December.
For Grand Cayman, Mr. Bush said there
would be a six-month deferral of Planning fees.
“Beginning on January 4th and ending
the 30th of June, all projects submitted for Planning approval will be allowed
to defer 100 per cent of the required infrastructure fees until the Certificate
of Completion is required,” he said. “Additionally, 25 per cent of the Building
Control fees will also be deferred until Certificate of Completion.”
As a further stimulus to Grand
Cayman’s construction and development industry, Mr. Bush said that all projects
submitting for Planning Permission or for a Building permit through 30 June,
2011, will be allowed to import materials until 31 December, 2011, at a flat
import duty rate of 15 per cent.
“Our government will further ensure
that local merchants will be granted a credit of the same value on the future
importation and restocking of materials under this
programme,” he said. “This will ensure that the local merchants will not be
disadvantaged on the sale of materials they have already imported.”
Mr. Bush also announced a series of
fee and import duty reductions for Cayman Brac and Little Cayman, including “up
to 75 per cent” work permit fee reduction for workers in the Sister Islands.
In addition, there will be a 50 per
cent reduction on Trade and Business licence fees for businesses in the Sister
Islands and a full duty waiver on building materials.
Mr. Bush said in his New Year’s Day message
that he was confident 2011 would “begin a year of recovery, integration,
nation-building and general success”.
“By this I mean recovery from the
economic downturn; an integrated approach to deliver results for Government’s
domestic and international policy priorities; building on our national heritage
and recognising significant contributions from our community; and success in
achieving the personal and professional goals we set for ourselves.”