In an effort to further stimulate economic activity the government has extended import duty concessions on building materials. The Cabinet extended concessions on imports of building materials for a further six months until 31 December 2011.
In announcing the extension, the Premier and Minister of Finance, Tourism and Development the Hon. McKeeva Bush said, “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.”
Imports of building materials to Cayman Brac and Little Cayman will be on a 100% duty free basis for the period 1 July to 31 December 2011. Under the extended concessions, imports of building materials to Grand Cayman will be charged a flat rate of 15% for the period 1 July to 31 December 2011. The normal rate of duty is 22%.
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.