Government has extended its 15 percent concessionary import duty rate for another year.
The rate extends only to importing building materials to Grand Cayman and will run till December 2019.
Items such as furniture, accessories, electronics and appliances are specifically excluded from the concessionary duty.
Cayman Brac and Little Cayman will continue to enjoy duty concessions until December 2020.
Those include a 100 % import duty waiver on imported building materials, a 100% stamp duty waiver on land purchases on Cayman Brac and an import duty concessionary rate of 12.5 cents per gallon on importing motor gasoline to Cayman Brac.
Minister for Finance and Economic Development Hon. Roy McTaggart, explained the extension of the duty concession, saying, “The Government is committed to ensuring that the Islands’ economy continues to grow, because such growth will provide employment opportunities for Caymanians and other residents. The extension of the 15% import duty concessionary rate on building materials brought to Grand Cayman will undoubtedly add incentive for the private sector’s robust investments in the Cayman Islands to continue.”
For the purpose of 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.”