VAT exempted on local building material, Beryl relief items: Grenada Govt

Grenada: The Government of Grenada recently announced the new tax policies that includes 100% exemption on VAT on local building materials and other required items. These new fiscal incentive measures were announced by Denis Cornwall, the Finance Minister of Grenada.

The new fiscal incentive measure also includes the 100% exemption of duties on imported building materials; and no payment of property taxes for 2025. The government has also established a Beryl Emergency Support Secretariat (BESS) at the Carriacou Community Library to assist with the application for VAT exemption and duties on building material.

The point person for the same has been chosen as Davon Baker, who is the Director of Technical Services at the Ministry of Carriacou and Petite Martinique Affairs and Local Government.

Moreover, the Prime Minister of the country, Dickon Mitchell expressed his desire of changing the way they build. He added that if they continue to build back the same, they are just wasting their time and resources. In order to make the optimum utilization of their resources and money, the PM Mitchell has asked for the rebuilding to be in compliance with the 2016 OECS Building code.

Notably, the 2016 OECS Building Code set forth building standards to prevent or mitigate the damage caused by natural disasters, particularly hurricanes and earthquakes.

Following the announcement of these tax policies, the Ministry of Carriacou and Petite Martinique Affairs and Local Government expressed their delight and stated that the rebuilding process can begin in earnest. They added that most of the homeowners in Carriacou described the fiscal incentive measures as “excellent.”

They added that another relief measure for the people of Carriacou and Petite Martinique is a reduction of the passport replacement fee. They stated that the replacement of passports, which used to cost around $700, will now, from August to November of this year, cost around $350 each.

Along with that, the Government of Grenada is also receiving external help with a vision to preserve and protect the environment of Carriacou and Petite Martinique which will also be very useful during the process of rebuilding.

Recently, the Prime Minister of Grenada, Dickon Mitchell, made his visit to Carriacou, where he engaged with the business community and asked them to implement the fiscal measures in the best way. The PM shed light on several sectors, listened to the needs, concerns, and recommendations of the residents, and shared several measures regarding relief, recovery, and rebuilding.

The Prime Minister also discussed the tourism industry in Carriacou and Petite Martinique and asked all the citizens to unite together and work collaboratively to tackle these challenges posed by the devastating effects of Beryl.