The Government of Saint Lucia has increased the number of building supplies which are tax-exempted under the Construction Stimulus Programme.
The list of exempted items now include, among other things, certain types of paints and varnishes, tubes, pipes, elbows, building blocks, bricks, safety glass, aggregated galvanise, wire meshing and water tanks.
Speaking in Parliament on Tuesday, November 29, 2012 Prime Minister Honourable Dr Kenny D. Anthony disclosed the list was increased to afford greater benefit to the citizens of Saint Lucia.
“Following the introduction of VAT there probably was some anxiety as to whether VAT impacts the Construction Stimulus Programme, but I think citizens have now been assured that VAT was not imposed on the programme, so I think next year we will be in a better position to judge how effective the programme has been.”
A number of businesses and financial institutions have invested in the Construction Stimulus Programme, and citizens can enjoy reductions in the prices of several building supplies and “no stamp duty” on loans for residential and commercial mortgages.
The prime minister says he is hopeful that other businesses will follow suite and adopt the Construction Stimulus Programme.
“Some business places have warmly adopted and are applying the programme, and other business have been a bit reluctant for one reason or the other, but we are hoping that through the combined efforts of the Ministries of Commerce and Finance we can resolve whatever differences or problems the business places have with the programme, and I know that issues which have arisen from what I have heard are issues that can be resolve.d”
The Construction Stimulus Programme was introduced on August 8, 2012 and it will last for 18 months.
The Government of Saint Lucia has invested an estimated $45 million into the programme, which is being touted as a once-in-a-lifetime opportunity for ctizens hoping to become first-time home owners and business people seeking to expand.
Please like our Facebook page, www.facebook.com/stlucianewsonline for instant updates when stories are published here.