Newfoundland and Labrador issued this news release to announce the elimination of the 15 per cent retail sales tax on insurance premiums. At the time of this announcement the province was one of three provinces that levied a commodity tax to insurance premiums. The other provinces to collect sales tax on insurance are Quebec and Ontario. The elimination of this tax will be retroactive to January 1, 2008.
NL Insurance Tax Elimination
Newfoundland and Labrador News Release, “Elimination of the Insurance Premiums Tax”
Tax Development Apr 22, 2008