Further reduction in construction cost expected |23 January 2018

A further reduction in the cost of construction is expected now that customs duties on certain materials have been removed.

This relates to corrugated and other sheets, panels, tiles and similar articles not containing asbestos.

It was brought to the attention of the Ministry of Finance, Trade and Economic Planning that these products as identified through HS codes “6811.8100 - corrugated sheets not containing asbestos” and “6811.8200 - other sheets, panels, tiles and similar articles not containing asbestos”, were not included in the list of construction materials, whereby the applicable custom duties were reduced to 0% in 2009.

Following initial analysis and subsequent recommendations to the Cabinet of Ministers, approval was granted for the removal of customs duties on these products, that were still attracting 25% customs duties upon importation into the country. 

Therefore as of January 3 this year, customs duty on these products are 0%.

The Value Added Tax (Vat) which is applied on these products remains at 15%.