The small business corporate income tax rate in Newfoundland and Labrador has been reduced from 3 per cent to 2.5 per cent effective January 1, 2024.
This tax reduction was announced in Budget 2024. It has now been approved by the House of Assembly through amendments to the Income Tax Act, 2000.
The budget initiative will result in lower taxes for approximately 6,200 small businesses in Newfoundland and Labrador.
Other measures in Budget 2024 to support business and economic development include:
1. $500,000 for business navigators to work with businesses to help make it easier to navigate government policies and improve business processes by addressing red tape.
2. Approximately $35 million to support economic development initiatives including research and development, commercialization, investment attraction, regional development, and business growth activities.
3. $7 million for connectivity initiatives, including broadband and cellular, as part of the Provincial Government’s overall $25 million commitment.
4. No new taxes, tax increases or fee increases.
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