A Christmas Gift that keeps on giving. The Government of the Cayman Islands today (19 December 2018) announces it is extending duty concessions on building materials. According to a statement from the Ministry of Finance, the 15% import duty concessionary rate for anyone importing building materials to Grand Cayman has another year – to December 31st 2019.
Minister for Finance and Economic Development, the Honourable Roy McTaggart says the concession is all about ensuring the Islands’ economy continues to grow.
“Growth will provide employment opportunities for Caymanians and other residents. The extension… on building materials brought to Grand Cayman will undoubtedly add incentive for the private sector’s robust investments in the Cayman Islands to continue.”
What does the concession include? Sadly, not furniture, accessories, electronics or appliances but it does include:
“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.”
As to Little Cayman and Cayman Brac, Government says if you are importing building materials to either island, the import duty waiver is at 100%. For those looking to buy land, Government is waiving 100% of the stamp duty for land purchases. The concessions are in place until 31 December, 2020.