NLIS 2 June 30, 2006 (Finance) HST
reduction to take effect Effective
tomorrow (July 1), the Harmonized Sales Tax (HST) in the province of
Newfoundland and Labrador will be reduced from 15 per cent to 14 per
cent as a result of the federal government�s direction to reduce the
GST portion from seven per cent to six. �This
represents one per cent of most goods and services we pay for in our
province going directly back into consumers� pockets,� said Finance
Minister Loyola Sullivan. �While
government will not benefit directly from the reduction, we welcome it
as the residents of the province will have more money to spend and that
is always good news.� The
However,
Minister Sullivan adds that these services and others are part of a
broader tax and fees review currently underway in government. �This
year we focused on tackling our aging infrastructure, boosting education
and reducing poverty among many other things,� said Minister Sullivan.
�But we are still
committed to reducing taxes for Newfoundlanders and Labradorians and
will study each and every tax charged in this province and consider its
impact and necessity.� For
more information on the federal government�s reduction in the HST/GST
Tax rate, please visit www.cra.gc.ca/agency/budget/2006/gstrateqa-e.html
or call 1-866-959-7797. Media
contact: Deborah Pennell, Communications, (709) 729-6830, 685-6612, deborahpennell@gov.nl.ca 2006
06 30
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