Cayman extends Import Duty Concessions

With a view to stimulate economic activity, the government of the Cayman Islands has extended several import duty concessions for a further 6 months to December 31, 2013.

The extended concessions include as follows:

– the import duty concessionary rate of 12.5 cents per gallon for the importation of motor gasoline to Cayman Brac;
– the 100% import duty waiver on building materials imported to Cayman Brac and Little Cayman; – the flat 15% import duty rate on building materials imported to Grand Cayman.

When announcing the news, the Minister for Finance & Economic Development, Marco Archer said that the extension of these concessions is consistent with the ongoing efforts of the government to stimulate growth in the economy. He also encouraged all developers and other stakeholders to accelerate their construction activity during this further concessionary period.

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

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