Duty cuts to continue through 2014

| 19/12/2013

(CNS): The fuel duty cut for gas sold on Cayman Brac and duty cuts for building materials sold on all three islands is to continue throughout 2014, Finance Minister Marco Archer said Thursday.  In an effort to further stimulate economic activity, the government will be extending the existing concessions until 31 December 2014. “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,” he said.

The concessions apply to the import duty rate of just 12.5 cents per gallon for the importation of gasoline to Cayman Brac and the 100% waiver on building materials imported to both Cayman Brac and Little Cayman as well as the flat 15% import duty rate on building materials imported to Grand Cayman.

The normal rate of import duty on motor gasoline is 75 cents per gallon whilst the normal import duty rate on building material ranges from 17% to 22%.

For the purpose of these concessions officials explained that 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.”

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

Category: Local News

Comments (10)

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  1. Anny Omis says:

    So, if I am reading this correctly, Al T get’s a break, but I still have to pay the full ride, plus the extra Mac added 2% on my goods?

    Wow, that isn’t bull crap, because clearly I have no bills, nor need to pay my employees.

  2. Anonymous says:

    These resources would be better allocated to boost the Grand Cayman economy, given it accounts for 97% of the economy of the Cayman Islands.  The waste of government funds on the Brac is ridiculous.

  3. Anonymous says:

    Why is Grand Cayman being taxed to pay for the Brac?  Vote buying.  That is why.  The Brac has no economy worth speaking of.  This is not "stimulus" it is welfare.

  4. Capt. Jack says:

    The beatings will continue until morale improves.

    Or the ship finally sinks……

  5. Anonymous says:

    With the exception of the duty reductions for the Sister Islands, where gas and building materials are atrociously higher than even Grand Cayman, none of these so called "Economic Stimulants" are needed.

    By the time the duty rates return to "normal levels", Grand Cayman will be fully developed. 

    Then what will the Cayman Islands Construction Industrial Complex do on Grand Cayman?

    Can you say Bermuda, a fully "developed" island where "construction" practically does not exist and many projects that are proposed never get off the ground because the effort is not worth the negligible return on investment. 

    "Construction" at the break neck speed that Grand Cayman has experienced in the last two decades especially, means less jobs for the next generations.  So anyone interested in that kind of work, on any level, is better off training and educating themselves in another career.

     

  6. Anonymous says:

    thank god for the ppm……zzzzzzzzzzzzzzzzzzzzzzzzzzzzzzzz

  7. And AnotherTing says:

    Please this is nothing new was commenced a long time ago. and Another Ting Try another measure 

  8. Anonymous says:

    The savings are going to the contractors, since they still charge the same prices per square foot.

    When gasoline arrives on this island it is about 2.80 a gallon, add the 75 cents to it, so why do we pay 5.75 ?   That is a 100% mark up.

     

     

  9. Anonymous says:

    More subsidies for the welfare addicted Lesser Caymans.

  10. Anonymous says:

    you can't stimulate something by keeping things the same!!!!!

    ppm….. the do nothing party……