Sunday, January 6, 2013

Duty Free Construction Materials

In an act to help stimulate the economy on the Sister Islands, Premier Juliana O'Connor-Connolly has announced that the concessions on the duty on building materials be extended until the end of this fiscal year, June 2013. This results in a 7% duty cut on Grand Cayman and now a 100% reduction on the Cayman Brac and Little Cayman. 22% is the normal rate of duty on building and construction materials.

"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," Juliana O'Connor-Connolly said.

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