The present 15% import duty concessionary rate on building materials imported to Grand Cayman has been extended by Government for a further year, to 31 December 2019.
In explaining the reason for the extension of the duty concession, the Minister for Finance and Economic Development, the Honourable Roy McTaggart, said, “The Government is committed to ensuring that the Islands’ economy continues to grow, because such growth will provide employment opportunities for Caymanians and other residents. The extension of the 15% import duty concessionary rate on building materials brought to Grand Cayman will undoubtedly add incentive for the private sector’s robust investments in the Cayman Islands to continue.”
For the purpose of the concession, building materials are 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 from the 15% concessionary rate.
The following duty concessions are in place until 31 December 2020, with respect to Cayman Brac and Little Cayman:
• a 100% import duty waiver on building materials imported to Cayman Brac and Little Cayman;
• a 100% stamp duty waiver, in respect of land purchases on Cayman Brac; and
• an import duty concessionary rate of 12.5 cents per gallon on the importation of motor gasoline to Cayman Brac.