Legislation in Newfoundland, enacting certain corporate tax measures and tax rate increases as announced in Newfoundland's 2016 budget, received Royal Assent on 7 June 2016.
The legislative package consists of Bills 15, 16 and 21. In addition, Newfoundland revised the threshold and levy amounts applicable to the temporary individual (personal) tax deficit reduction levy that was announced in its 2016 budget. This new levy is included in Bill 14, which received Royal Assent on 7 June 2016.
Read a June 2016 report [PDF 47 KB] prepared by the KPMG member firm in Canada: Newfoundland 2016 Budget Tax Hikes Receive Royal Assent
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.