From the Cayman Islands Financial Secretary’s Office

In its on going effort to further stimulate economic activity, the Government has extended the existing import duty concession on building materials. The Cabinet extended the duty concession on imports of building materials for a further six months until 30 June 2013.

In announcing the extension, the Premier and Minister for Finance, the Hon. Juliana O’Connor-Connolly said, “The continuation of this concession is intended to stimulate growth in the economy, and all developers and other stakeholders have an incentive to start or continue their construction activity during this further concessionary period.”

Under the extended concession, imports of building materials to Grand Cayman will be charged a flat rate of 15% for the period 1 January to 30 June 2013. The normal rate of duty is 22%.

Imports of building materials to Cayman Brac and Little Cayman will be on a 100% duty free basis for the period 1 January to 30 June 2013.

For the purpose of the concession, 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 and do not enjoy the benefit of the concession.

Additionally, the Government also approved that all imports of motor gasoline to Cayman Brac be charged duty at the reduced rate of 12.5 cents per gallon for the period 1 January to 30 June 2013.