The Cayman Islands government has announced that it is to extend import duty concessions on building materials for six months to support the construction industry.
Under the concessions, imports of building materials to Grand Cayman, the largest of the Cayman islands, will be charged a flat rate of 15%, until December 31, 2012. The 22% normal duty rate was due to be reinstated from July 1, 2012. Meanwhile, imports of building materials to Cayman Brac and Little Cayman will be on a 100% duty free basis for the period July 1, 2012, to December 31, 2012.
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.
In announcing the extension, the Premier and Minister of Finance, Tourism and Development, McKeeva Bush 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"..
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