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Island to retain the reduced VAT rate for building repairs 16 December 2010

TREASURY Minister Anne Craine MHK announced today (Thursday, December 16) that, following successful negotiations with the United Kingdom Treasury, the Island is to retain its experimental VAT reduced rate of 5% on the repair and refurbishment for domestic property on a permanent basis.

Mrs Craine said:

'I am delighted that I can now remove any uncertainty associated with this matter. We believe that the retention of this rate of tax will continue to be a stimulus for the local building trade in these difficult times.'

The Collector of Customs and Excise, Denis Maxwell, added:

'There is no doubt that the reduced rate for domestic repairs has achieved what it set out to do, namely reduce activity in the shadow economy and encourage employment. We therefore welcome the United Kingdom’s agreement to make the rate a continuing feature of the Island’s indirect taxation system.'

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