Duty concessions extended for 6 months

| 02/01/2013

building%20supplies.jpg(CNS): In her first political decision as the finance minister the new premier has announced that the concessions introduced by the former UDP administration on the duty on building materials will be extended until the end of this fiscal year. The duty cut of some 7% on Grand Cayman and now 100% on the Sister Islands was introduce in an effort to stimulate economic activity. Although there is no indication of how much the cut has helped, the new Cabinet has endorsed the extension until the end of June.

“The continuation of this concession is intended to stimulate growth in the economy, and all developers and other stakeholders have an incentive to start or continue their construction activity during this further concessionary period,” Juliana O’Connor-Connolly said.

Under the extended concession, imports of building materials to Grand Cayman will be charged a flat rate of 15% for the period 1 January to 30 June 2013. 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 January to 30 June 2013.

Print Friendly, PDF & Email

Category: Local News

Comments (12)

Trackback URL | Comments RSS Feed

  1. Cheese Face says:

    20% for everything across the board please. Why should my house cost more than my neighbours if I build 6 months after him. Everything should be brought back down to 20%.

  2. Anonymous says:

    Nepotism at its finest!

  3. Anonymous says:

    Oh great here come the “favours” from the JuJu Cru rather than meaningful changes to better Cayman…zzzzz…

    Early Elections Please!

  4. Truth says:

    Great we went from subsidizing the Bushits to subsidizing the JuJuits.  Same circus, defferent clowns.  I wonder if the people of Cayman, the ones who live here and pay for most of the voter incentive fund will ever get someone who works for them in the Government.

  5. Cabbage Patch Kid says:

    Yet more preferential treatment for the Lesser Caymans.  When are we going to say "enough is enough" and let them pay their own way?

    • Vulture says:

      They are apparently the world's greratest businessmen, but are so great the can only exist by handouts and subsidies.  The waste on civil service jobs over there is a disgrace too.  The Brac is a welfare junkie.

  6. Old Sea Captain says:

    This means nothing as construction activity is at its lowest in 30 years so we neither gain or lose anything from this. Please give us some relief on food in the supermarkets, reduce duty to 15 or 10% on food (or at least put it back to 20% where it was until the UDP came to power May 2009) and we might be able to survive, as it appears that the cost of food in the USA is about to see some huge price increases, e.g., price of milk is expected to double shortly. I challenge the new cabinet to show us that they can change something that our first premier put in place, that was obviously a mistake and prove to the Caymanian people that you'll care about them. After all wasn't this increase put in place to fund the excess travel and nation building fund which will now go away as the king has been dethroned.

    • Anonymous says:

      I agree with most of your post except the last part. Julianna has been as bad as Mac with the excess first class travel at our expense. Let's not forget the Hurricane Hilton on the Brac instead of the Frank Sound school keeping it's community kitchen for use after major catastrophies. 

    • Reality Bites says:

      You will be able to survive whatever happens.  Tone done the hysteria and people might start taking you more seriously.

  7. St Peter says:

    This is a good start Ms. Julie and the rest of the FAB 5.

    Next please cut travel expenses, terminate the slush fund which we call the Nation Building Fund, AND reduce all of the squandering of our tax dollars that has been happening since 2009.

    Then reduce fees and taxes to where they were in 2009, and terminate the practice of MLA's and civil servants getting paid salary and pension at the same time.

    Also please would you make two very urgent and important amendments to the elections law.

    1. Reduce the total time that MLA's can serve to 5 terms and starting this election the maximum limit is 7 terms, next election  6 terms and next election 5 terms. This will get rid of T-Rex this election, and the remainder of the dinasours will become extinct by the next two elections, and then we can have younger, educated people in charge of our destiny.

    2. Pass 1 man one vote into law to comply with the constitution's wording and the will of the majority of those who voted in the referendum a few months back.

    Here is your chance FAB 5 – show us what you are made of…

  8. Anon says:

    No change in Policy yet.

    Is the PPM going to demand that the FAB5 cut Civil Service costs in return for their continued support?