The construction industry has noted a shift from conventional building methods towards more modern building techniques and the use of prefabricated buildings.

Therefore, Finance Minister Professor Biman Prasad says the fiscal duty on prefabricated buildings will be reduced from 32 percent to five percent.

While he adds that the fiscal duty on steel structures will be maintained at five percent.

Finance Minister Professor Biman Prasad

Biman Prasad highlighted this policy change as part of the government’s efforts to encourage innovation and efficiency in the construction sector.

“To assist in the construction sector in light of the high building and material cost, the fiscal duty on prefabricated buildings, wood or modular building, units of steel and other prefabricated buildings will be reduced from 32 percent to five percent.”

Independent Member of Parliament Premila Kumar has commended this effort, stating that it will shorten the time for construction.

“This is needed in our economy and we want to grow our economy. By doing that we are dealing with two things one is the cost component and the other is the labour component.”

Minister Lands Filimoni Vosarogo has shared similar sentiments highlighting that this will reduce the costs.

Vosarogo adds that there is more latitude given to business people for clearance of their goods.