Ryan Tax Alert - Prince Edward Island Budget 2008

Provincial Treasurer Wesley J. Sheridan tabled the 2008 Prince Edward Island Budget on April 23, 2008 – one day later than planned thanks to an Opposition member’s lengthy response to the Speech from the Throne. This year’s budget focuses primarily on investing in people, with an emphasis on five strategic priorities: providing sustainable health care; giving Islanders better access to high-quality education; protecting the environment; improving the delivery of social service programs; and taking advantage of new economic opportunities.

However, only two significant commodity tax measures were announced.

Tobacco Tax
In an effort to reduce smoking within the province, the price of a carton of cigarettes will increase by $5 per carton, effective at midnight on April 23, 2008. The increased tax revenue generated through this measure will be allocated to improving both health care and education.

Gasoline Tax
The government also announced that the 4.4 cent per litre reduction in Gasoline Tax, implemented in 2007, will be continued for the current fiscal year.

Further details on the 2008 Prince Edward Island Budget are available on the province’s web site at:
http://www.gov.pe.ca/budget/2008/index.php.

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