The Ceylon National Chamber of Industries (CNCI) Chairman Eng. Ruwan Edirisinghe, cheered the sharp cuts in tax rates for the construction industry this week.According to the Finance Ministry, it had been decided to reduce income tax on the construction industry from 28% 14%, while the VAT on condominium properties had also been abolished.Moreover, the tax free threshold for VAT has also been raised to Rs. 25 million turnover per month from the existing Rs.1 million.