Contractors and govt. share mixed views on VAT impact on construction industry



Minister of the Environment and Housing Romauld Ferreira. (FILE PHOTO)

Concerns continue to mount over the increase in value-added tax (VAT) and its impact on local construction, as the association representing contractors said recently that the increase could cripple the industry.

According to President of the Bahamian Contractors Association (BCA) Leonard Sands, the increase could present more challenges and fewer jobs.

Earlier this year, the government launched an aggressive housing plan to construct one subdivision per year.

Meanwhile, Minister of Housing and the Environment Romauld Ferreira said, there is a growing interest for the service lots being offered by the government for Bahamians to build their own homes.

However, he said with high debt, it may be hard for those individuals to qualify.

He advised Bahamians who wish to become homeowners to get their finances in order.