Thursday, December 19, 2013

Duty Cuts Remain for 2014

Duty on fuel and building materials remains reduced throughout 2014. Marco Archer 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.”
Normal import duty on fuel is 75 cents/gallon and duty rate on building materials ranges from 17-22%. The reduced duty is currently 12.5 cents/gallon for gasoline for Cayman Brac. 100% waiver on building materials to Cayman Brac and Little Cayman remain in effect. 

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