Newfoundland and Labrador’s budget, delivered on Thursday, has good news for restaurateurs. It continues cost control but doesn’t include any tax or fee increases. Here’s what you need to know:
- The Gas Tax drops by 12 cents, which will increase disposable income, lower transportation costs and spur restaurant spending.
- The Newfoundland Liquor Corporation resists pressure to increase producer prices or raise additional provincial taxes, and will not hike beverage alcohol prices for customers.
- There may be a minor price adjustment in alcohol due to the federal government increasing the alcohol excise tax.
The province has cut its forecasted deficit from $1.8 billion to $1.1 billion, and is forecasting a $778 million deficit for this year.