St. John’s, NL: The Canadian Taxpayers Federation is applauding Newfoundland and Labrador Premier Andrew Furey’s government for extending the provincial gas tax cut by another year and cutting taxes for small businesses.

“The Furey government deserves tremendous credit for extending its gas tax cut that has already saved families hundreds of dollars,” said CTF Interim Atlantic Director Jay Goldberg. “Now taxpayers won’t have to worry about provincial gas taxes going up for at least another year. That’s important because the Trudeau government is increasing the federal carbon tax just days from now.”

Newfoundlanders and Labradorians have saved approximately $120 million at the pumps since the Furey government’s gas tax cut was introduced 21 months ago.

The Furey government is also cutting the small business tax rate from three per cent to 2.5 per cent.

“Cutting Newfoundland and Labrador’s small business tax rate is good news for small business owners and taxpayers throughout the province,” said Goldberg. “This relief, coupled with the continuation of the Furey government’s gas tax cut, shows a real commitment to lowering costs for taxpayers.”

Finance Minister Siobhán Coady is projecting a budget deficit of $152 million for 2024-25, delaying plans to balance the budget by one year. The government is projecting surpluses beginning in 2025-26.

“It’s disappointing to see the Furey government push its balanced budget plans back by another year,” said Goldberg. “That means the government will be wasting millions more on debt interest payments and there’s less money for schools, hospitals and tax relief.”

Revenue for 2024-25 is up by 7.2 per cent while projected expenses are up by 4.6 per cent. Total revenue is expected to be approximately $10.3 billion and total expenses $10.5 billion.

Debt interest costs for 2024-25 will be $707 million.