Real Estate and Development Concessions Continue
Concessions to spur the purchase and development of land in Grand Cayman will be extended for another six months; the necessary bills and regulations to enable the continuation are currently before the Legislative Assembly. Existing concessions affecting the Sister Islands remain unchanged.
Already approved by Executive Council, the measures will almost undoubtedly be passed because of the government's majority in the House. The amendments, in the form of the Stamp Duty (Amendment) Bill, 2002; the Development and Planning (Amendment) (No. 3) Bill 2002; and the Development and Planning (Amendment) (Extension of Temporary Provisions) Regulations 2002, will be considered during this November's meeting, says Assistant Financial Secretary II, Ken Jefferson.
He explains that although the concessions that were put in place last November have expired, the amendments are drafted to take effect retroactively from the date those concessions ended, so there will be no lapse in the concessions.
Therefore, the stamp duty concession to 5%, as well as the 50% reduction in contribution rates to the Infrastructure Fund, will be extended until 13 May 2003; the 50% reduction in building permit fees will continue until 22 May 2003.
Government is continuing these measures to help boost Cayman's economy.