The construction industry has observed a shift from conventional building methods to modern techniques and prefabricated buildings.

To alleviate high building and material costs, the fiscal duty on prefabricated building materials has been reduced from 32 percent to five percent.

This change is outlined in the Economic and Fiscal Update for the 2024-2025 National Budget and includes reducing the duty on prefabricated building wood and modular building units made of steel.

This reduction is estimated to result in a revenue loss of $1.3 million.

However, the fiscal duty on steel structures or articles of iron will remain at five percent.