Friday, October 22, 2004
Residents in the Cayman Islands will now be paying less import duties for the next nine months. This is another relief measure implemented by the Government to help the people in the post-Hurricane Ivan recovery process. The Cabinet has agreed to reduce the import duty on replacement and reconstruction materials, equipment and vehicles by 10 percent across the board for the next nine months.
The duty reductions however, only applies to replacement vehicles and reconstruction items, not to new acquisitions, if, for example, the person concerned has never owned a vehicle or if no loss was suffered as a result of the hurricane. The Cayman Government also plans to investigate complaints of landlords raising their rents from $1,000 to $2,500 because of the demand for apartments since many lost their homes when Hurricane Ivan hit the island in September.