On March 21, 2024, Newfoundland & Labrador’s Finance Minister Siobhan Coady presented the Province’s budget 2024: Our Health. Our Economy. Our Province.
With respect to taxation, there were no new taxes and no changes made to personal income taxes. The government announced a reduction in the small business corporate tax rate, retroactive to January 1, 2024 of 0.5 percent on the first $500,000 of active business income.
Other tax incentives announced included a 10 percent Manufacturing and Processing Investment Tax Credit to enable fishery, farmers, forestry, manufacturing, and production sectors to invest in equipment as well as a 20 percent Green Technology Tax Credit to help businesses with specific capital costs for green activities, such as equipment for energy conservation and clean energy generation and the efficient use of fossil fuels.
Highlights of the 2024 provincial budget can be found at:
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