Tax Concessions for Home Construction Until December

The new initiative, which is known as the Building Materials Incentives Program (BMIP), will provide up to 18 months of concessions on materials that are being imported for the building of private homes. The maximum value to be granted is EC$$400,000.

The new measure was introduced to the Cabinet by Minister of Housing, Dr. Asim Martin, and was approved as part of the administration’s promotion of home ownership, at reasonable costs.

Government has promised that the process of application should take no more than three (3) working days.

Those citizens hoping to benefit from the project have been advised to submit their applications to the Ministry Of Finance. They have also been given the option to download the relevant documents and application from the government website: www.cuopm.com.

The application for the duty free concessions on the building materials are to be submitted by a certified copy of Building Board approved construction plans.

These documents can also be e-mailed to depfinsec@gov.kn.

Applicants would also need to submit a bill with quantities for the home building project.

A government release has stated that successful applicants will receive a letter of approval along with a tracking number, which the Customs and Excise Department will use to trace purchases and/or imports.

All applicants who have been approved for the BMIP must ensure that all purchases and/or imports are completed by December 31, 2012.


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