Government extends import duty concessions

| 27/06/2013

(CNS): Cayman Brac drivers will continue to enjoy a greatly reduced import duty on gasoline, at least for the next six months, which will continue to be 12.5 cents per gallon. Brackers and people on Little Cayman also get to keep the 100% import duty waiver on building materials imported to the Sister Islands. The flat 15% import duty rate on building materials imported to Grand Cayman has also been extended to the end of the year. The Finance & Economic Development Ministry says this is to further stimulate economic activity on the islands. 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%, according to the ministry.

In announcing the extension, Finance Minister Marco Archer said, “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.”

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.

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  1. Anonymous says:

    You can choose to life whatever lifestyle you want, but we are getting bored of how much more per capita we spend on Brackers – stuff you subsidies and duty breaks and everything else you beg for.

  2. Anonymous says:

    Why such hateful attitudes all the time about Cayman Brac? We're not the enemy. We choose to live a different, quieter lifestyle.Think of all the government programs and facilities that are available in Grand Cayman that are not available in the Brac. Do you hear us complaining about the welfare you receive? And in most circumstances the problem is not that Cayman Brac is paying too little for services and fees, it's that you are paying too much.

    • Anonymous says:

      Well Said. The general mentality that we have learnt from other territories is that, ” if it’s good for the goose, …,,,”

      The problem we have is that, we don’t know anything about the “goose”.
      They may have disabilities, special circumstances, who knows…

      We would rather pay or give up a small income, tax break, or some monitory value to ensure that they do not get a “better deal”.

      We need to all grow up, take responsibilities for our own actions, and fight for why we truly need.
      Dont fight others that are privileged, congratulate them, ask how you can help them further.

      Don’t work against each other, work hand in hand, side by side.

  3. Anonymous says:

    Gee thanks Alden…dat the same ting Mckeeva give cant do better than that?

  4. Security - Stability - Prosperity says:

    It is unfair to prefer one sector of the economy over all the others. Does the building and construction industry have the most powerful lobby group? If the government was not wasting so much money (mainly on the bloated civil service), it could lower ALL import duties. That would be the most powerful economic stimulus and benefit ALL Caymanians!

  5. Anonymous says:

    There is no economy on Cayman Brac to be worth stimulating.  Subsidies would be far more effective be aimed at Grand Cayman if stimulus rather than vote-buying was the real purpose.

  6. Anonymous says:

    You think just because of the drop in cost that the supplying gas stations/companies will drop their gas prices lol Good luck.

  7. Anonymous says:

    Cayman Brac drivers dont enjoy anything from this tax reduction – we pay more for gas than you do in Grand. What it does do, and we are grateful, is that it at least keeps our gas prices just a little more than Grand Cayman prices and at least not radically more expensive. But please do not think that we are not paying alot for our fuel.

  8. Anonymous says:

    And we in the Brac pay more for our fuel than you do. We pay more for everthing. If you all feel that we all get handouts why dont you come and live and work here and stimulate our economy. Brackas should have just stayed here and developed the Brac and left you all in Grand Cayman to flounder

    • Anonymous says:

      Time will handle everything, my dear. They're already floundering and they don't even know it.

    • Anon says:

      You are, through no fault of your own, freeloaders. TheBrac is simply a place where Government transfers payments to keep the place and its two voting seats going. The civil service people have NOTHING to do but keep going on about the stress they face. When there is a move to transfer them to GCM temporarily to jump start their activities there they are shocked.

  9. Anonymous says:

    Are the consumers receiving the benefit of the 15% rate on building materials?

  10. Anonymous says:

    More Brac handouts.  Pathetic.  They are welfare junkies.

    • C'mon Son says:

      What are you talking about? People in the BRac work for their money, and save it (or drink it either way works)

      It's expensive for almost anything but liquor in the Brac! Gas is still 5.65 over there. Cereal aint cheap either!

      Cmon son!

    • Anonymous says:

      Im a Bracca and I agree with you

    • Anonymous says:

      Wha ya say?! Boy, some Bracker must've stepped on your toes at some point. Mind ya blood pressure go up. Tomorrow is Friday, go drink a beer and chill nah, man? Cha!

  11. C'mon Son says:

    Come on…

    We are being killed with gas prices… and the gas isnt that great either!

    Because the Gov't dilly dallyed with the money, we have to pay the price.


  12. 4 Cayman says:

    What about Grand Cayman? We are people too!

  13. Anonymous says:

    how can you stimulate something by keeping things the same?????