The provincial government of Newfoundland and Labrador has reduced its tax on auto insurance premiums by 2%, from 15% to 13%. What’s more, this change will be followed by reductions of 1% increments on January 01 in 2020, 2021, and 2022.
In addition to reducing its tax on auto insurance, the provincial government also removed its 4% tax on gas and 5% on diesel. In a statement, however, the Newfoundland and Labrador’s Department of Finance said that the federally-mandated carbon tax of 4.42 cents on gasoline and 5.37 cents on diesel would offset these changes.
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