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In an effort to stimulate economic activity, the government of the Cayman Islands has extended several import duty concessions for a further six months to December 31, 2013:
The concessions extended include:
In announcing the extension, the Minister for Finance & Economic Development, 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."
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 percent to 22 percent.
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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