Duty cuts extended to 2020 for Sister Islands
Cayman Brac
(CNS): Duty concessions on fuel, stamp duty and building materials imported into the Sister Islands have been extended through 2020 and the 15% duty cut on Grand Cayman for building materials has been extended until the end of 2016, which Finance Minister Marco Archer said was “consistent with government’s ongoing efforts to stimulate further growth in the economy”. The announcement comes following revelations that the local economy is not growing as fast as predicted.
“I encourage all developers and other stakeholders to accelerate their construction activity during this further concessionary period,” Archer said.
The duty concessions include a cut from 75 cents per gallon to 12.5 cents per gallon on the importation of gas to Cayman Brac, a 100% import duty waiver on building materials imported to Cayman Brac and Little Cayman and a 100% stamp duty waiver for land purchases on Cayman Brac, all of which have now been extended for four years. The flat 15% import duty rate on all building materials imported to Grand Cayman — a reduction from the normal import duty rate of between 17% to 22% — will now last until 31 December 2016.
Officials said that the duty cut on materials includes 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.
The 100% stamp duty waiver on Brac land is for the development of homes and apartments or other physical structures from which a business can be carried on and will be granted to both individuals and legal entities. The development must be completed in two years after the land is bought otherwise, in the absence of a reasonable explanation, the stamp duty will apply as well as penalty of 10% unless a further extension is requested and granted by the finance minister.
Category: Local News
Lesser by name, lesser by nature.
Why dont we just give Cayman Brac to Dart in exchange for them building the dock on the ‘big island’…
The Brac is a liability not an asset.
Because Dart already owns WAAY too much of us.
More profits for the Brac merchants in government and their businesses. Grand Cayman pays to make the rich people richer.
asked this before…
but how can you stimulate the economy by keeping things the same????
just another day in wonderland with the do-nothing ppm……..zzzzzzzzzzz
The public needs to know Minister Archer, who has benefited from these Brac co cessions and what has been the economic impact to the Brac. We ca t keep on offering concessions with no visible/ tangible benefit An inquiring public must be told the truth and nothing but the truth.
So the duty on gas in Cayman Brac is sixty two and a half cents less than in Grand Cayman. But the gas in Brac cost 10% more than in Grand. What a bunch of crooks!
More charity for the Lesser Caymans welfare junkies. They should pay the same as Grand Cayman.
How do you figure the Lesser Islands pay less than Grand Cayman when gas, food, etc is much higher prices than Grand Cayman? I think you need to go back to primary School basis Math class
First, it is “maths” not “math”. Your ugly Americanism says much about your education. Secondly, the article is about duty levels. You pay less duty than in Grand Cayman. That is because you are welfare junkies who cannot survive without having special treatment and discounts. So try to comprehend the context in which points are being made before responding to them. It really does help. I could at this point turn all Grammar Nazi on you, but I really cannot be bothered. Be off, welfare junkie.
Well, there you go getting your panties all in a bunch. Wow! Your hatred for Brackers seems to be consuming you, dude or dumbette Thank God for Foster’s, Kirk’s and all of the other businesses that are keeping your belly full. And while you’re at it, pick up a bottle of aspirins too. You got many more headaches to come if b*tching about Brackers is all there is on your plate.
I note that you did not address the central point, namely why the Brackers need so many special benefits and largesses. If you are all such great businessmen, why can’t Brackers pay the same duty and why is the economy just based on government jobs?
Hi… You are the one who needs to take basic math courses. The fact that Cayman Brac merchants pay no duty, yet still have higher prices than Grand Cayman should tell you that they are making a killing.