Duty break for builders
Government are to cut duty on imported building materials which are intended to increase the stock of low cost or affordable housing available to Bermudians. Confirming the Customs Tariff Act 1970 will be amended in the next session of Parliament, Finance Minister Paula Cox said the proposal is in keeping with the Government?s commitment to improve the quality of life in Bermuda and is part of the roll out of its social agenda. Ms Cox said: ?As we stated in the 2004/05 Budget Statement, we must protect the home hearth in terms of our social policy agenda so that Bermuda is truly regarded as a ?Mecca? where we promote policies geared to equity and justice for all, without fear or favour and without adopting an exclusionary approach.? The Press release did not define affordable housing or say what the duty would be cut to or what it was now. One builder told The Royal Gazette that duty for construction materials varied although most items were set at 22-and-a-quarter percent. Natural materials can be imported for as low as five percent.
