Tag: duty concessions
Dart gets waivers on decade old Ryan deal
(CNS): Fujigmo, a company once owned by Michael Ryan, the developer of the Ritz-Carlton, Grand Cayman, was still receiving duty concessions on golf carts and materials for the North Sound Golf Club a decade after the deal was signed with government relating to the SafeHaven development. Dart now owns the club, and although the original […]
Local boutique B&B struggled for concessions
(CNS): The local owner of The Cottages, a small boutique style B&B resort in East End, battled to get modest duty concessions for her development, even as some of Cayman’s wealthiest developers were getting concessions worth millions of dollars. During the course of Cayman News Services’s efforts to get government to release all of the […]
Millionaire condo tower gets $8.2M waiver deal
(CNS): The developer behind the WaterMark condo tower on Seven Mile Beach currently under construction, where units sell for close to US$10 million, has been granted CI$8.2 million in import duty waivers on all construction materials and equipment for its development until February 2023. Fraser Wellon is the developer behind this latest luxury development, which […]
Closed resort was granted bundle of waivers
(CNS): Developers behind the remodeling of the old Treasure Island resort into Margaritaville on the West Bay Road were granted a bundle of waivers, according to documents obtained by CNS in an ongoing freedom of information battle. HHG Cayman Ltd was granted over CI$1.7 million in duty concessions for building materials, furniture, fixtures, operating equipment […]
Minister has no data on impact of concessions
(CNS): The finance minister has admitted that no research has been done or data collected justifying the continued duty concessions on building materials in Grand Cayman and a host of other waivers on Cayman Brac. After delivering a statement in Parliament last week renewing various import and stamp duty cuts due to expire on 31 […]
CIG gave up CI$2.85M duty on FIN project
(CNS): Developers behind a controversial luxury condominium project on South Church Street in George Town were given a 100% waiver of import duties up to a value of CI$2.85 million on all items relating to its construction and operation, according to documents released by the finance ministry. The period for the concession agreement with FIN […]
Ministry waives $7.5M in duties
(CNS): The Ministry of Finance and Economic Development gave away some $7.5 million in stamp and import duties during 2019, Finance Minister Roy McTaggart told the Legislative Assembly Monday as he presented the ministry’s 2019 annual report. The minister said staff had processed 831 requests for waivers, though he did not say how many had […]
Miller makes bid to change Customs Law
(CNS): Ezzard Miller, the independent member for North Side, is making another attempt to persuade government to amend the Customs Law to cut all duty on medicines and medical supplies and to introduce a provision to prevent duty being applied to returned and replaced goods on warranty. When the Legislative Assembly meets at the end […]
Building duty cuts roll on despite economic boom
(CNS): Government has confirmed that the 15% import duty concessions on building materials imported to Grand Cayman will continue next year, despite the current development boom and what the finance ministry called the “robust investments” in Cayman’s economy. The duty cut was originally implemented to encourage development during the recession, but according to the latest […]
Transparency needed around concessions
(CNS): Auditor General Sue Winspear has commended government for improvements to public finance reporting but she is not giving the leaders a free pass, as there are still many areas that need improvement, especially when it comes to the collection of revenue and what government gives away. Winspear said she is expecting to soon see […]
Concessions renewed for builders and developers
(CNS Business): The government will be continuing the flat 15% import duty rate on building materials imported to Grand Cayman for another year, officials have confirmed. The duty cut has been running for several years and Finance Minister Roy McTaggart claimed the concession was working and helping to boost the economy. “The government is committed […]
