A recently passed amendment to the territory’s customs regulations will exempt first-time homeowners and some first-time investors from paying certain duties, but could result in the loss of government revenue and negatively affect building-material suppliers, business proprietors and government officials said.
House of Assembly members unanimously passed the Customs Management and Duties (Amendment) Act 2011 on Aug. 8, after more than an hour of public debate.
According to a version of the amendment Gazetted on July 25, first-time homeowners and investors will be exempt from duties on “construction materials including steel, lumber, galvanise and cement, which are used for the purposes of constructing new homes, office accommodations, small hotels and villas.”
Other clauses in the bill allow taxi drivers, churches and returning belongers who have been away from the territory for at least three years to import vehicles duty-free.
See the Aug. 25, 2011 edition for full coverage.