Completed
Way Forward Commitment:
Competitive taxation is a key contributor to attracting investment. In August 2017, our government announced a review of the province’s tax system. To guide the review, an independent five-person committee of members with backgrounds in economics, taxation and public policy was appointed. The main objectives of the independent tax review are to:
- Ensure the province’s tax system is competitive and fair;
- Identify ways to simplify the tax system;
- Reduce costs for both government and tax payers; and
- Consider the progressivity of the tax system and whether the appropriate tax mix is applied to taxpayers.
The Independent Tax Review Committee has been mandated to complete its review and submit a final report to the Minister of Finance in 2018-19.
What We’ve Accomplished:
- Competitive taxation is a key contributor to attracting investment. In August 2017, government announced an independent review of the province’s tax system. To guide the review, an independent five-person committee of members with backgrounds in economics, taxation, social and labour sectors and public policy was appointed.
- The Tax Review Committee Report was delivered in December 2018. Overall, the committee found that Newfoundland and Labrador has a progressive and fair taxation system. In considering total taxation in the province, including both provincial taxes and local/municipal taxes and fees, the Committee determined that the total tax burden in the province is generally in line with other jurisdictions. While the committee suggested the province is not yet in a position to reduce taxes, it concluded that changes to the tax mix could further improve the system.
News Releases
Review of Provincial Tax System and Plan to Eliminate Book Tax Announced