Six months more for building material duty cut

(CNS): Despite the budget difficulties faced by the government at present, the premier’s office has announced that import duty concessions on building materials will be extended for another six months. In a release on Thursday afternoon, McKeeva Bush, who is also the minister of finance, said the extension was an effort to further stimulate economic activity so the concessions would continue on until 31 December. 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 instead of the usual 22%, and imports to Cayman Brac and Little Cayman will be 100% duty free.

“The extension of these concessions is consistent with the government’s ongoing efforts to stimulate growth in the economy,” said Bush. “I encourage all developers and other stakeholders to accelerate their construction activity during this further concessionary period.”

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.

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