Materials concession extended

Concessions have been extended on building materials until the end of December

Imports of building materials to Grand Cayman will be charged a flat rate of 15 per cent for the period 1 July to 31 December.

The normal rate of duty is 22 per cent.

“The extension of these concessions is consistent with the Government’s ongoing efforts to stimulate growth in the economy, and I encourage all developers and other stakeholders to accelerate their construction activity during this further concessionary period,” said Premier McKeeva Bush.

Under the extended concessions Imports of building materials to Cayman Brac and Little Cayman will be on a 100 per cent duty free basis for the period 1 July to 31 December.

For the purpose of these concessions building materials have been defined as all physical components and substances, whether solid or liquid, used in the construction, renovation or restoration and forming a permanent part of any building or related structure.

Items such as furniture, accessories, electronics and appliances are specifically excluded.