$40,000 Tax Concessions Aimed at Lowering the Cost of Construction

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NASSAU, BAHAMAS – $40,000 in tax exemptions is what Bahamians could soon qualify for as the government prepares to roll out a budget aimed at boosting home construction. Housing Minister Keith Bell said the plan includes incentives for small contractors and a major push to redevelop inner-city communities.

Keith Bell – Minister, Housing and Urban Renewal
“We are giving concessions to you if you wish to build your own home or as a small contract if you want to build a number of homes. If you want to build five or more homes, you get special concessions as well as you get major tax breaks.”

The exemptions cover various building materials, including shingles, plywood, plumbing, and electrical items, all intended to help lower construction costs.

Keith Bell – Minister, Housing and Urban Renewal
“As the member minister of housing, I have a complete exemption on building materials, and that is why we are able to make, bring the cost of construction down.”

Bell also encouraged small and large contractors to take advantage of the incentives and engage in public-private partnerships.

Keith Bell – Minister, Housing and Urban Renewal
“I want to, again, invite the small businessmen as well as the contractors to come in. Let us sit and talk. We have an open door policy.”