Newspaper article The Canadian Press

Highlights of the Newfoundland and Labrador Budget: Big Tax Hikes, Big Cuts

Newspaper article The Canadian Press

Highlights of the Newfoundland and Labrador Budget: Big Tax Hikes, Big Cuts

Article excerpt

Newfoundland and Labrador budget highlights

--

ST. JOHN'S, N.L. - Highlights of the Newfoundland and Labrador budget presented Thursday:

--An $8.5-billion spending plan that raises the Harmonized Sales Tax to 15 per cent from 13 per cent as of July 1.

--An income-dependent "deficit reduction levy" of up to $900 a year for the highest earners to fight a deficit still forecast to reach $1.8 billion this fiscal year. Those with $20,000 taxable income or less exempt.

--Offshore oil royalties that once provided 30 per cent of provincial revenues have crashed to an estimated seven per cent at $502.1 million.

--Gas tax increase of 16.5 cents per litre as of June 2, to be reviewed in the fall.

--Starting Friday tobacco tax rises one cent per cigarette. …

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