A local company will not be required to pay import duties on select construction items and other equipment for the next decade.
Cabinet granted the import waiver to White Bay Development Project Ltd.
The company was granted the waiver after applying for what is known as a Hotel Aid Licence.
Hotel Aid refers to the benefits derived from a piece of incentive legislation — the Hotel Aid Ordinance (Cap 290) — for the hotel accommodations sector.
It enables qualified applicants to obtain a licence permitting them to import eligible items for the construction, equipping, extension, or renovation of a hotel property; free of import duties.
Cabinet endorsed that the portfolio minister grant White Bay Development a Hotel Aid Licence for 10 years, with effect from January 1, 2021.
The decision was made during its February 3 meeting and published in a post-Cabinet statement this month. Government did not provide any additional information on the developer and what exactly they plan to construct.
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