Thank you for your question. I'm Miodrag Jovanovic, tax policy.
That's an important question. It's an important measure. It is, I would say, mainly targeted at reducing the cost of construction of rental buildings and rental housing. It does so by providing an exemption of the GST upon the completion of these buildings, which is the current system, basically.
Depending on whether the 36% rebate that exists now is claimed or not, the current GST rate may vary between 3.2% and 5%, so this proposed measure would eliminate that. It would give a break of between 3.2% and 5%, effectively.
Also, what is important to understand is that the GST right now is assessed on the basis of the fair market value of the building upon construction, not the construction costs. It's fair to assume that the fair market value would be higher than the construction costs, so when you now base everything on the basis of the construction costs, the benefit could be significant.