• Latest
10% reduction on VAT for the construction sector

10% reduction on VAT for the construction sector

8 years ago
Government says “no physical altercation” between journalist and junior minister

Grenada actively engaged in preparations to receive evacuees

1 day ago
Claims of coronavirus at SGU designed to create fear and panic

Covid-19 update: Grenada Dashboard 9 April

1 day ago
US congratulates Grenada on arrival of Covid-19 vaccines from COVAX

US congratulates Grenada on arrival of Covid-19 vaccines from COVAX

1 day ago
Preliminary Results of 2013 General Election

RGPF on high alert for illegal activities within Grenada–St Vincent marine space

1 day ago
Death of The Duke of Edinburgh, Prince Phillip, 9 April 2021

Death of The Duke of Edinburgh, Prince Phillip, 9 April 2021

1 day ago
At least 1st dose of Covid-19 vaccine required to enter Grenada

At least 1st dose of Covid-19 vaccine required to enter Grenada

1 day ago
First Para Swimmer to compete to qualify for Tokyo 2020

First Para Swimmer to compete to qualify for Tokyo 2020

1 day ago
Republic Bank supports GCA under-19 inter-parish competition

Republic Bank supports GCA under-19 inter-parish competition

1 day ago
Senator identifies finance as major shortcoming for sectors he represents

Senator St Clair’s message on St Vincent situation

1 day ago
Securing Economic Integration: The importance of intraregional trade

Quarantine protocol will apply to all possible St Vincent evacuees

1 day ago
The man who mapped a nation by hand

The man who mapped a nation by hand

2 days ago
National Cleanup Begins Friday

NaDMA convenes emergency NEAC meeting

2 days ago
NOW Grenada

Main Header Ad 468x60

booked.net
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
NOW Grenada
No Result
View All Result

Article Header

10% reduction on VAT for the construction sector

This story was posted 8 years ago
16 April 2013
in Business
2 min. read
Share

As of 01 May 2013, the cost of building a house is expected to reduce in cost, as the Value Added Tax on material for the construction of a house will be reduced to 5%.

The reduction was among initiatives disclosed in the 2013 budget which was presented to the island’s Parliament on Tuesday by Finance Minister Dr Keith Mitchell. Described as stimulation for the construction sector, the reduction will affect sand, cement, roofing materials, steel, lumber and construction blocks.

“Government will forego VAT on construction services for projects valued at less than EC$400,000 over the same period” said Dr Mitchell who explained that the high price of sand will reduce by 50%. “It will be no more than EC$60 per Board. This is an attempt to drive down the cost of construction and home ownership,” he said.

Dr Mitchell further explained that Government will modernize the physical planning division to ensure efficient and timely approval of physical developments plans, essential for the revival of the construction sector.

He said that several consultations across the major stakeholder groups urged support by the commercial banking sector and the credit union. In a free market, such as ours the action of Governments on banks and financial institutions is limited largely by moral suasion.

“We call on the banks to assists us in making this construction stimulus package a success by doing whatever it can to offer facilities which encourage new mortgages,” he urged.

He also announced a stimulus package for the manufacturing sector which contributed about 6% of Grenada’s Gross Domestic Product and employs about 4.5% of the labour force. Effective 01 May 2013 Government will replace the manufacturers rebate with the Manufacturers Competitiveness Programme.

“The MCP will composed of two parts. Part A is equivalent to 5% of sales for qualified manufacturers, and part B is equivalent to 5% of sales and can only be used against accumulated rebate balances,” he explained.

The MCP will extend for a period of four years with annual reviews to ensure conformity.

NOW Grenada is not responsible for the opinions, statements or media content presented by contributors. In case of abuse, click here to report.

Tags: constructionmanufacturersmaterialmclsandstimulusvat
Next Post
Grand Anse Beach voted favourite among About.com readers

Tourism Sector gets Increased Allocation

Comment on story Cancel reply

Please enter your valid email address.
Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Home Sidebar NP 300x250

© NOW Grenada. All Rights Reserved. Published by Aqua Design Inc. | Terms of Use | Privacy Policy

No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us

Copyright NOW Grenada

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings. Visit our Privacy Policy | Terms of Use.

NOW Grenada
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Visit our Privacy Policy | Terms of Use.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.