Import duty breaks for building materials have been extended for another six months.
The Cayman Islands interim government announced Monday that it had extended the duty concession on imports of building materials for a further six months until 30 June.
The duty breaks first took effect on 1 January, 2011, and have been extended since then.
“The continuation of this concession is intended to stimulate growth in the economy, and all developers and other stakeholders have an incentive to start or continue their construction activity during this further concessionary period,” Cayman Islands Premier Juliana O’Connor-Connolly said.
Under the extended concession, imports of building materials to Grand Cayman will be charged a flat rate of 15 per cent for the period 1 January to 30 June. The normal rate of duty is 22 per cent.
Imports of building materials to Cayman Brac and Little Cayman will be on a 100 per cent duty free basis for the period 1 January to 30 June.