Finance
Business, Tourism, Culture and Rural Development
June 16, 2015

Supporting the Economy Through Innovative Industries

Government Moves Forward with Interactive Digital Media Tax Credit

Amendments introduced today to the Income Tax Act, 2000 propose a tax credit for companies working in the interactive digital media industry.

"Our government announced in Budget 2015 our intention to introduce an Interactive Digital Media tax credit for the province. Through this tax credit we are helping level the competitive landscape and encouraging interactive digital media companies to consider establishing and growing their businesses in this province. This tax credit is another strategic example of how this government continues to diversify the provincial economy."
- The Honourable Ross Wiseman, Minister of Finance and President of Treasury Board

The Interactive Digital Media tax credit will be effective for fiscal years beginning on or after January 1, 2015. It will offer a refundable provincial tax credit to companies on eligible salaries and remuneration paid related to eligible interactive digital media projects in the province.

"We are committed to diversifying the economy. This tax credit is designed to support the growth of the province's interactive digital media sector which will help retain and expand the industry's workforce. At the same time, we are offering an incentive for other companies to relocate to our province."
- The Honourable Darin King, Minister of Business, Tourism, Culture and Rural Development

The Provincial Government continues to put money back in the pockets of Newfoundlanders and Labradorians through tax measures. Last year alone residents and businesses benefited from over $744 million in tax measures, including enhancements to the seniors benefit, reductions in the small business corporate income tax rates, and low income tax reductions.

QUICK FACTS

• Amendments to the Income Tax Act, 2000 propose a tax credit for companies working in the interactive digital media industry.
• The Interactive Digital Media tax credit will be effective for fiscal years beginning on or after January 1, 2015. It will offer a refundable provincial tax credit to companies on eligible salaries and remuneration paid related to eligible interactive digital media projects in the province.
• The Provincial Government continues to put money back in the pockets of Newfoundlanders and Labradorians through tax measures. Last year alone residents and businesses benefited from over $744 million in tax measures, including enhancements to the seniors benefit, reductions in the small business corporate income tax rates, and low income tax reductions.

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Media contacts:

Jennifer Tulk Director of Communications Department of Finance 709-729-6830, 728-4104 jennifertulk@gov.nl.ca

Tansy Mundon Director of Communications Department of Business, Tourism, Culture and Rural Development 709-729-4570, 693-1865 tansymundon@gov.nl.ca

2015 06 16                              4:30 p.m.