HFC-Government to intiate tax incentives for construction industry
8 June, 2018, 11:00 pm
A LOCAL commercial bank is looking to collaborate with the Government and the Construction Industry Council (CIC) to initiate tax incentives for construction companies when building houses for first-time homeowners.
HFC Bank CEO Rakesh Ram made the suggestion after officially partnering with CIC for its inaugural conference this month.
Elaborating on the topics that would be discussed at the three-day conference, Mr Ram said access to the construction industry should also be made easier in terms of using draftsmen, architects, and approval authorities like municipal councils.
With the conference also discussing licensing, Mr Ram said this should also improve good governance across the industry because they both shared the common vision of creating wealth for locals, through property ownership.
“The aim of licensing of builders should be to raise professionalism among builders by requiring them to meet minimum standards of management, safety records and financial solvency. From a bank’s perspective, it will also help with credit lines to construction companies meeting these standards,” he said.
HFC Bank has become the exclusive banking partner for the CIC conference themed ‘Building for Today’, to be held from June 14-16 at the Warwick Fiji.
According to Mr Ram, it made sense for them to partner with the CIC for their upcoming conference with building, construction and real estate making up majority of their total loan portfolio.
“As Fiji’s only locally-owned commercial bank, the construction industry in essence, whether it is a first home, investment home, commercial investment loan or loan to contractors or even savings for similar streams is quite important for us at HFC Bank,” Mr Ram said.
The conference is expected to be opened by the Attorney General and Minister for Economy, Aiyaz Sayed-Khaiyum.
The conference starts with a trade show on Thursday, June 14, with up to 20 local and overseas exhibitors.