The measure, which was approved by the country’s Cabinet on Monday 23rd May, 2011, is geared towards reducing the applicable taxes on building materials that are needed for homes valued up to EC$400,000.
A Cabinet statement said that the policy on the “partial waiver of taxes is to commence very shortly and will be in effect for about 18 months”.
The proposal, according to the statement, was presented to Cabinet by Housing Minister, Dr. Asim Martin, who in introducing the proposal, explained that the National Housing Corporation, (NHC), would never be able to satisfy the needs of all home-owners, in its attempt to provide homes for all in need. He said that he was moved by the need for both low income and low middle income persons in particular, to be empowered through home-ownership.
A full package of detailed information on this housing sector improvement program is to be made available to the public as soon as possible, said Martin. He encouraged as many citizens as possible to take advantage of the once-in-a-lifetime opportunity to get their homes constructed with significant tax concessions on materials purchased locally or overseas.
The Minister of Finance, Dr. Denzil Douglas, said he endorsed the program and offered the full partnership of the Ministry of Finance in the reduction of taxes for the housing initiative.