2017 Budget Overview: Additional Tax Provisions

Review additional tax provisions announced by the Government in the 2017 Federal Budget.

IN OTHER NEWS. . .CONSUMERS WILL PAY MORE FOR TOBACCO AND SPIRITS:  Here’s a synopsis of the new provisions.

TOBACCO TAXES – An increased excise duty rate will replace a 10.5% surtax on manufacturer’s profits  on tobacco and tobacco products.  The increases will be from $21.03 to $21.56 for 200 cigarette).  Existing inventories will be subject to a tax of .00265 per cigarette.  This tax must be paid by March 31, 2017 with proper return filings.  In addition, the cost of tobacco sticks go up from $21.03 to $21,56 per 200, chewing tobacco and cigars are also amongst the products affected after budget day.

WINE AND SPIRITS – excise duties are going up 2% on budget day.

Excise taxes on cigarettes and tobacco will increase effective immediately and future alcohol tax increases be automatic on April 1 each year based on changes to the consumer price index.

NEW TAXES ON CERTAIN ALLOWANCES FOR MEMBERS OF LEGISLATIVE ASSEMBLIES AND CERTAIN MUNICIPAL OFFICERS

A portion of allowances received by these taxpayers to cover costs incurred in the course of carrying out the duties of office or employment will become taxable for some.   Specifically, non-accountable allowances received cannot exceed more than half of the official’s salary or other remuneration to be tax exempt.  Effective 2019, any non-accountable portion of these allowances will be fully taxable; accountable allowances will remain non-taxable.

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