Newfoundland and Labrador Finance Minister Cathy Bennett delivered the province’s 2017 budget on April 6, 2017.
The budget anticipates a deficit of $778 million for the 2017-2018 fiscal year, $644 million for the 2018-2019 fiscal year and $342 million for the 2019-2020 fiscal year. Although the budget does not make any changes to the personal or corporate tax rates, it announces the phase-out of the temporary gas tax and notes that Newfoundland and Labrador will conduct a comprehensive independent review of its tax system. In addition, the budget pledges to invest $1.7 million for the province’s Mineral Incentive Program.
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