Government has extended the following import duty concessions for a further six months to 31 December:
The import duty concessionary rate of 12.5 cents per gallon for the importation of motor gasoline to Cayman Brac;
The 100 per cent import duty waiver on building materials imported to Cayman Brac and Little Cayman; and
The flat 15 per cent import duty rate on building materials imported to Grand Cayman.
“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 Minister for Finance & Economic Development Marco Archer.
The normal rate of import duty on motor gasoline is 75 cents per gallon whilst the normal import duty rate on building material ranges from 17 per cent to 22 per cent.
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.