The government of the Cayman Islands has extended the period of reduced duties on certain imported materials needed for the territory’s reconstruction in the aftermath of hurricane Ivan.
In a recent announcement, Leader of Government Business McKeeva Bush stated that the 50% reduction on import duties for building materials, furniture, appliances and fixtures will apply for an additional six months.
Mr Bush also announced the inclusion of truck chassis used in the transportation of cargo containers to the list of goods qualifying for special customs treatment.
According to Bush, some $3 million in revenues have been lost to the government since the duties were reduced in September 2004, and he anticipated that the six month extension will cost an extra $11.2 million.
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