Construction concessions extended

Cabinet ministers have extended concessions on imports of building materials for six months after they were set to expire at the end of June.

Until 31 December, 2012, the duty rate on building materials to Grand Cayman will remain at 15 per cent. The normal duty rate is 22 per cent. Building materials imported to the Sister Islands of Cayman Brac and Little Cayman will remain duty free.

“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,” Cayman Islands Premier McKeeva Bush said in a news release.

Building materials include “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”, but do not include items such as furniture, accessories, electronics and appliances.

The duty concessions first came into effect in January 2011.