“Change is in the air” is the theme of this year’s provincial budget. The projected deficit for this year is $ 351 million, which is significantly lower than two years before 2020, when the projected deficit was $ 2.1 billion. The government still predicts a return to the surplus in 2026-27. Lending is higher this year compared to last year. The government expects to borrow $ 2.7 billion, up from $ 1.7 billion last year and approaching the $ 3 billion it borrowed in 2020. There are no increases in district fees or taxes and the 15 percent sales tax on home insurance is lifted for one year, with immediate effect. The cost of registering your vehicle is halved, affecting all passenger vehicles, including pick-ups and taxis. There is a new 20 percent tax credit for green technology for businesses that will help them purchase energy-saving equipment. The government is also making a number of PERT report recommendations, including developing an accountability framework for ABCs and state-funded nonprofits. The province also intends to promote legislation on a balanced budget and the development of a future fund. The modernization of services is a priority in the 2022 budget Some might argue that there are not many budget changes, especially as it affects ordinary Newfoundland and Labrador residents and some of the province’s most vulnerable citizens. Finance Minister Siobhan Coady says the theme of this year’s budget, “Change is in the air,” is about making changes to the province’s budget. He says it really concerns the changes and improvements the government is making to the overall fiscal situation, including the modernization of the way services are provided. “This stronger, smarter and more self-sufficient New Earth and Labrador is our goal,” he told reporters today.
