CA Newfoundland Comments on the Provincial Budget

Newfoundland and Labrador’s Chartered Accountants support the Provincial Government’s plan for debt reduction and investment in sustainable development.

St. John’s, April 29, 2008—Minister Marshall has delivered a budget designed to address the future prosperity of our province. During pre-budget consultations Chartered Accountants asked that the projected surplus be used to pay down the province’s debt and be invested in the development of sustainable assets. We are pleased that the Minister has listened.

In this budget the government also recognized the need to take active steps to encourage investment in the province. The continued lowering of personal and business taxes, through initiatives such as the elimination of the Provincial tax on insurance premiums and the increase in the tax free exemption threshold for payroll tax, are all positive steps toward developing new business in our province.

“At a time when the province is benefiting from a record surplus, the government is to be commended for recognizing the need to focus on debt reduction and the development of sustainable assets such as Hebron and the White Rose expansion.” said Tashia Batstone, CA, Chief Executive Officer of the Institute of Chartered Accountants of Newfoundland. “We urge the government to continue to make resource allocation decisions that are fiscally prudent while at the same time creating a business environment promoting future growth and stability.

The Institute of Chartered Accountants of Newfoundland represents a membership of approximately 650 CAs and students in Newfoundland and Labrador who work in public practice, industry, education and government.

Contact:
Tashia E. Batstone, CA
Chief Executive Officer
Tel: (709) 753-7566
tbatstone@ican.nfld.net