Thursday, July 4, 2013

Duty Concessions for Cayman Brac and Little Cayman

To help further stimulate the economy, The Finance and Economic Development Ministry has extended the following duty concessions for Cayman Brac and Little Cayman:

-        -   For the next 6 months, Cayman Brac will continue to receive a 12.5 cents/gallon gasoline duty rate vs. the normal 75 cents/gallon rate.

-       -   On Cayman Brac and Little Cayman, the 100% import duty waiver on building materials will remain in effect. Normal duty on building materials range from 17-22%. 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.” This does not include furniture, accessories, electronics and appliances.

The 15% duty rate on imported building materials to Grand Cayman has also been extended to year end.

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