ST. GEORGE’S, GRENADA, Friday, October 01, 2010: The Value Added Tax (VAT) Unit of the Ministry of Finance will like to inform all VAT registered businesses and the general public that Government will introduce the following measures, which are aimed at reducing the cost of certain building materials and stimulating the construction industry. 1. Effective October 1st 2010 to March 31st 2011, the following building materials will attract 7.5% VAT: · Lumber (wood and ply) · Cement (used for mixing mortar) and does not include any other cement such as those used for laying tiles. · Metal roofing (galvanize, aluzinc and Aluminum sheets and other similar metal sheets used for roofing and does not include roofing accessories such as ridging, nails, clips etc. which are used to install the roof) · Steel Rods (does not include wire mesh such as BRC wire) 2. Effective October 1st 2010 and for a period of one year, there will be no Excise Tax on commercial vehicles. The Ministry of Finance is encouraging businesses to pass on the benefits of the reduced VAT rate to consumers. The Ministry is, at the same time, advising consumers to be vigilant and monitor the anticipated price reduction for the above mentioned items. The general public is also encouraged to report any incidence of discrepancies to the VAT Unit at hotline # (473) 435-9085 or (473) 435-6945/46. From the Ministry of Finance