Newfoundland and Labrador tabled its 2022-23 budget last week, revealing an increased spending regime and a lower-than-expected deficit of $351 million – much lower than the 2021 total of $826 million. Of interest to the retailers:
- A new green technology tax credit of 20 percent to help businesses with specific capital costs for green initiatives including equipment for energy conservation and clean energy generation and efficient use of fossil fuels;
- $25 million over the next four years to improve connectivity, including broadband and cellular service;
- Significant increases in infrastructure projects (building roads, hospitals, schools, etc.) which will provide employment and allow the transport of retail products to stores.
For questions or more information contact
Director, Government Relations (Atlantic)