Newfoundland Bill 13 containing tax changes has declared as Newfoundland Budget in the 2014. As Newfoundland has a majority government, the bill is allowed substantively enacted for motives of IFRS and ASPE as of May 26, 2014. Bill 13 contains measures that effective from July 1, 2014. It raises tax rate on convenient dividends and decrease the small business corporate income tax rate from 4% to 3%.
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