(1) Notwithstanding the Value Added Tax Act, Cap. 15.42, an approved development —
(a) during the development period, is exempt from the payment of value added tax on building material, furniture, equipment and locally produced art and craft;
(b) financed by a loan of not less than fifty per cent of the total cost of the approved development during the development period, is eligible for a remittance in part of the value added tax payable on accommodation and goods and services procured by the owner or operator of the tourism project.
(2) Notwithstanding the rate of value added tax specified under the Value Added Tax Act, Cap. 15.42 for accommodation or goods and services, a remittance on the value added tax payable under subsection (1)(b) continues to be applicable to the tourism project under that section for the duration of the development period.
(Substituted by Act 9 of 2019)