April 14, 2016, No. 2016-19. Newfoundland and Labrador Finance Minister Cathy Bennett delivered the province’s 2016 budget on April 14, 2016. The budget increases both personal and corporate income tax rates along with the province’s HST rate, eliminates the manufacturing and processing profits tax credit and increases the financial corporations capital tax and the insurance companies tax rate.
The budget anticipates a deficit of about $2.2 billion for the 2015-2016 fiscal year and about $1.8 billion for 2016-2017.
The Finance Minister stated in her budget speech that this budget will be followed by more action in a supplemental budget later this fall in conjunction with the province’s fall fiscal update.
Highlights of tax measures announced in the budget are summarized below.
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