August 2nd, 2023 officially marks the start of a two-year, 12.5% VAT hiatus on selected items. These exemptions are expected to result in a relief on certain building materials, female sanitary products and solar PV systems.
Amongst those touting the change is Permanent Secretary in the Ministry of Commerce, Sofia Alfay-Henry. According to Henry, the exclusions will allow consumers the leeway to complete relevant undertakings, due to the reduced cost.
“Consumers are encouraged to maximize this window of opportunity to undertake the construction of residential and commercial properties, to carry out long-delayed but essential home remodeling, reinforcement and renovation projects.” Henry said.
Further, the PS noted that special monitoring will be done, to ensure the benefits of this opportunity are realized by consumers.
“In order to assess the effectiveness of this policy measure, the Ministry of Commerce, through its Consumer Affairs Department, has commenced a project to obtain the baseline prices of these supplies and will continue to monitor the imported and retail prices”
The true value of this latest policy shift will be realized when the two-year period comes to an end in August of 2025.
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