Government is encouraging citizens to take advantage of the ongoing Construction Stimulus Programme which has resulted in noticeable price reductions on select building materials island-wide.
The 18-month programme was launched on August 21, 2012.
Under this programme, government has removed a range of taxes levied on products such as paints, lumber, sand, cement and fencing materials among others.
No Value Added Tax (VAT) will be paid on these items until February 2014.
In some cases, consumers are enjoying approximately 41 percent reduction in the retail prices of items included in this package. Consumers also have an opportunity to secure mortgages at reduced interest rates from participating banks and in addition, benefit from lower legal fees on mortgages.
While prices may vary at retail outlets, a general analysis of the change in price in a few building materials in one participating business are as follows: