Building materials remain duty free till year-end

| 01/07/2011

(CNS): Government has announced that it will be continuing with the duty concessions on building materials it introduced last year. A release from the premier’s office said the concession would be extended for another six months until the year end 31 December in what it said was a an effortto “further stimulate economic activity.” McKeeva Bush urged developers to accelerate their projects to take advantage of the duty free period. “The extension of these concessions is consistent with the government’s ongoing efforts to stimulate growth in the economy, and I encourageall developers and other stakeholders to accelerate their construction activity during this further concessionary period,” he added.

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%. 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.

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,” the release stated.

Items such as furniture, accessories, electronics and appliances are specifically excluded.

Category: Local Business

Comments (10)

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  1. Anonymous says:

    It's pointless granting duty waivers on products if there is no oversight to ensure the duty reductions are passed on to the customer. I recall back in National Team days, duty was reduced (waived?) on potatoes, milk, bread and some other staples. I'm paying almost CI$6 for a gallon of milk – doesn't appear like that's duty-free to me. Later, there was a duty waiver on milk products related to the production of ice-cream and on ice-cream and frozen yoghurt XXXX. Yet I pay almost $8 for a quart of Blue Bell (not even Haagen Dazs) ice-cream.

    Bottom line, these duty waivers are a joke in the same category as the Immigration Laws which require Caymanians to be trained for GOL jobs, as a condition for the GOL issue. The laws and regulations are only as good as the enforcement thereof – and we all know that is as weak as water.  

    One consistent folly by our legislators and regulators over the years is the urge to implement laws and rules and forget that the administration of same takes resources. When they realize that there are no resources to manage these requirements, the rules remian on the books but are not enforced. Pointless.

     

    • Anonymous says:

      Milk is $8.00 in Cayman Brac.

      • Anonymous says:

        Almond milk is a healthier alternative to milk and you can easily produce it at home.

        Add a 1/4 cup of almonds, 5 dates and 5 cups of water to your blender and blend for 7 minutes then strain through a cheese cloth strainer, and you have not only a cheaper alternative to cows milk, but a much healthier and tastier milk. Try it. You will most likely like it.

         

  2. Anonymous says:

    Most importantly  We continue stimulating the economy only Monday thru Saturday. Why is it that all hardware and grocery stores are still closed on Sunday?

    Drink and pray ! Some things never seem to change on Sunday.

     

  3. Anonymous says:

    How insulting to the people of Cayman can he be?

    One of the world's richest men will get building materials duty free, and we, the hard working and long suffering people who built this country, should be happy to only have to pay 15% duty on building materials?

    Why not give us a duty free break and charge the wealthy investorthe 15% reduction?

    Scraps from the table – that's what this Govt think we deserve!

  4. Anonymous says:

    Give the Premier some credit he is trying to stimulate the economy, while all soon people do is critise him for trying.

  5. Anonymous says:

    Why?

    There are acres of unoccupied commercial property and hundreds of unoccupied private residences up for sale right now.

    This concession should be limited to work that is actually relevant to rebuilding the economy like new low-rise, low-cost hotels.

    All we are doing here is to open the doors to land-grabbing developers with no interest in the economy of the islands.

    XXXXX

     

  6. Anonymous says:

    Constructor's quotes aren't dropping, so THEY take the profit of the duty free materials.

    In the end it is always the consumer that pays.

    • anonymous says:

      AL Thompsons has passed through all duty reductions directly to their shoppers. They have advertised it and you can check in their store.

      Ps: unrelated to ALThompsons and do not work there but good corporate citizens shouldbe identified.

       

    • Anonymous says:

      I don't know about this duty free stuff…. thought it was 15%