Cayman Islands Extends Import Duty Concessions
05 July 2013
Posted by: Author: Mike Godfrey
Author: Mike Godfrey
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:
The import duty concessionary rate of 12.5 cents per gallon for the importation of motor gasoline to Cayman Brac;
The 100 percent import duty waiver on building materials imported to Cayman Brac and Little Cayman; and
The flat 15 percent import duty rate on building materials imported to Grand Cayman.
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.