The government will extend import duty concessions similar to those it has maintained for the past three years through Dec. 31, 2014.
The duty concessions include a 15 percent flat import duty rate on building materials imported to Grand Cayman and a 100 percent duty waiver on building materials imported to Little Cayman and Cayman Brac.
The normal rate of duty on construction materials is between 17 percent and 22 percent.
In addition, fuel import duty for Cayman Brac will be reduced from 75 cents per gallon to 12.5 cents per gallon.
“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 Finance Minister Marco Archer.
The concession building materials are 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.