CIG renews duty cuts

| 29/12/2014

(CNS): Import duty concessions on building materials on all three islands as well as a 100% stamp duty waiver in Cayman Brac have been renewed. Government announced Monday that in an effort to continue to stimulate economic activity, certain duty concessions have been extended for another twelve months to 31 December 2015. This includes the import duty concessionary rate of 12.5 cents per gallon for the importation of motor gasoline to Cayman Brac. People importing building materials to Grand Cayman will continue to pay 15% import duty, while those importing the same materials to the Sister Islands can do so duty free under the ongoing 100% import duty waiver. The 100% stamp duty waiver on land purchases on Cayman Brac has also been renewed.

Making the announcement regarding the twelve month extension, Finance Minister MarcoArcher said the extensions were consistent with government’s ongoing efforts to stimulate growth in the economy. "I encourage all developers and other stakeholders to accelerate their construction activity during this further concessionary period," he said.

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

For the purpose of these concessions, building materials have been defined as 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.

The 100% stamp duty waiver on land purchases on Cayman Brac is for the development of homes and apartments or other physical structures from which a business can operate.

The waiver will be granted to either individuals or legal entities. However, for the concessions to apply the development must be completed within two years of the purchase of the property, otherwise the applicants will be required to either pay the stamp duty in full plus a penalty of 10% of the duty unless an extension is obtained.

Category: Politics

Comments (33)

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  1. Anonymous says:

    Brackers are the smartest people of the islands.

    A lot of the big familys/business owners are fom the brac

    I think my family landed on the wrong rock

  2. Anonymous says:

    ppm:how do you stimulate a stagnant economy by keeping things the same as last year????

    welcome to wonderland…..

  3. Anonymous says:

    Well, Woop Te Do! For the New Year, nothing new just the same old crap we have been doing for years that still doesn't work!

    Can we find a few politicians that can think outside the box and not continue to do the same thing politicians did 15-20 years ago?

    Aden you and your government are a complete joke..I would laugh but it s my people that are suffering because of your ineptness.

  4. Diogenes says:

    How does CIG stop the the tansfer of fuel and material"destined" for the Brac back to GCM?  

    • Anonymous says:

      The price that Thompson's Shipping charges from Brac to Grand would far out price the savings in Duties!!

       

  5. Kadafe says:

    Why not reduce the gasoline duty for grand cayman? Or even the diesel duty for CUC? Now there would be something BENEFICIAL to the majority of residents in the Cayman Islands. With all due respect and not only for some 1500 persons on brad and little cayman?

    • Anonymous says:

      Where are you living ? Governments fuel duty decrease kicks in this January. It's up to CUC and the fuel companies to do their part now! I hope Government decides to regulate the fuel companies that would keep them honest.

  6. Little cayman man says:

    This is an attempt at economic stimulus not a giveaway.  I would venture that Little Cayman pulls it's own weight given the population size, tourism, and retirees.  The Brac needs to build their economy but politicians pander to the shortsightedness of the voter block as opposed to taking concrete steps to alter the economic base.  They have to accept change to see dollars move through the island.

  7. Fa'real says:

    CIG, why are you not giving ALL Caymanians the same concessions as ONE country, ONE people?  

    Also why are they not receiving the same concessions that has been given to DART?

    Why the disparities?

    • Anonymous says:

      One word my dear "Caymankind", not for the good of all mankind.

      • Anonymous says:

        If "Caymankind" bothers you so much, I suggest you should be kind and leave.

    • Anonymous says:

      Well, because they are "progressive."  NOT!…I am not sure that they looked up the meaning of this word but they sure aren't using the same dictionary I do,

  8. Anonymous says:

    Great news! Question: Why is there a differential between GCM and the Brac? Are all three islands not part of the Cayman Islands? So why then give preferrential treatment to the Brac? That's like saying, North Side is duty free, while South Sound has to pay 15%. I also never thought it correct to charge higher land duty rates on SMB, again the Cayman Islands are the Cayman Islands! I do realize of course the emphasis is to stimulate real estate development in the Brac, but could the entire Cayman Islands not benefit from this same stimulous?

  9. Anonymous says:

    Lets use this story to keep Ozziegate going until the Premier grows some b@lls and takes some real action to remove Ozzie from Cabinet. He is not suitable to be a Minister !

  10. Anonymous says:

    ppm….doing more nothing as usual…..

  11. Anonymous says:

    All districts should pay the same for everything.  Why should GC duty oayers subsidise Brackers wanting to build a house extension?

    • Anonymous says:

      Because the Brackers are benefit grabbing welfare junkies.

      • Anonymous says:

        Instead of complaining about Brackers receiving some duty relief, you should be more concerned with the Darts and the Michael Ryans who as individuals receive millions of dollars in fee exemptions. While you are complaining about your own people, these guys are counting their stacks of cash.

  12. Anonymous says:

    I would like to know what, if any, mechanism is used by Government to ensure that duty reduction concessions to importers/merchants is passed on in kind to consumers. For example, for years milk and other staples have been subject to a duty concession, yet I pay almost $7 per gallon in the market for milk. Does that reflect the concession? I doubt it!

    CNS, might this be something you can query of the appropriate Department in Government – perhaps the Statistics Unit?

  13. Anonymous says:

    When will the price of gas in Little Cayman go down? CI$6.49 per gallon is highway robbery considering the duty concession and in Grand Cayman the price is $5 per gallon with no duty concession. Time for the Minister responsible to step in as the duty concession is obviously not assisting the residents of Little Cayman. 

  14. Anonymous says:

    Nothing new here..this didn't work in 2014..What makes them believe it is going to work in 2015?

    These guys have no vision..Like the Bible says "where there is no vision, my people perish"

    People are losing their jobs, their homes, can't pay their electricity bills, the middle class is just about gone and the only thing these clowns can do is continue doing the same thing they did last year.

    Remind me again of the definition of insanity!!

    Progressive my a$$!

  15. Anonymous says:

    And yes we love all the bureaucratic people and rules that unna geniouses in Cayman make for everyone – even us in the lesser Caymans. 

  16. Anonymous says:

    What happened to the PPM's pre election promise of lowering trade & business license renewal fee's for small business owners? Such as the self employed, who are required by law to operate with said license….? I seen nothing yet ….

    • Caymanian Woman says:

      Ahh…right now small business and micro business have NO trade and business licence fee.

      • Anonymous says:



        that $75 dollar new permit fee really helped my bottom line.

        Changed my world totally now I can eat out 1 time for sure in 2015

         

  17. Anonymous says:

    "Small dinner" now upto $8 at Macdonalds?!!

    Jesus help us!

  18. Anonymous says:

    And with this news Ozzie is forgotton ………………………?????

  19. Anonymous says:

    More subsidies for the Lesser Caymans. When will the scroungers start to pay their way?

    • Anonymous says:



      And Grand Cayman doesn't have there fair share of scroungers????

    • Anonymous says:

      They get a better deal than Dart and NOTHING in return? What say the West Bay Ladies?

    • Anonymous says:

      Here we go again. Another clown that is pissed off at some Bracker for some reason or another and you have to hide behind your comments on CNS in order to be heard. You're probably one of them that didn't have enough sense to even feed yourself. The Kirkconnell's and Foster's had to come down here to do it for you. Happy New Year!

      • Anonymous says:

        No, completely wrong.  I just do not understand why these places get benefits at the expense of those that contribute to the economy.  The only answers are vote buying and scrounging,

    • Anonymous says:

      Sorry but I am a Bracker.  My reply is Grand Cayman all of CIG money and Subsidies and non for the Brac.  So giving the Lesser Islands a little benefit with duty free is a minor benefit for those that live on the Brac and Little Cayman.  It's not like big big business and home owners are importing much to the Lesser Islands.  So I say, get a life and deal with it