Duties, Taxes Waived On All Investment Construction Properties


The government has approved the waiver of duty and other taxes on investment construction properties even as the Economic Recovery Committee continues to meet.

It announced yesterday that all investment properties that commence their construction within this period will be allowed waiver of duties and customary taxes on building supplies, fixtures and equipment.

These measures have been announced to stimulate the construction sector which has beeb hard-hit by the COVID-19 pandemic.

Construction is encouraged with social distancing, hand-washing and other healthy practices that will inhibit the spread of the Coronavirus.

Meantime, the Prime Minister/Chairman reported on the Second Meeting of the Economic Recovery Committee (ERC) which was held on Tuesday, May 12, 2020.

The proposals put forward has been captured by the Minutes which have been distributed. The Sub-Committees of the ERC are to report on their findings and proposals that will further inform the Steering Committee of the ERC.

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