Summary of provincial tax expenditures now available online
The provincial government has published its first ever summary of tax spending for the previous year.
In a release, the Department of Finance and Treasury Board says Summary of New Brunswick Tax Expenditures for 2018 is now available online.
In it, the province reports on tax expenditures, providing a brief description of each measures' objectives, implementation date and estimated cost.
Finance and Treasury Board Minister Ernie Steeves says, "We believe in strong fiscal management and public accountability, which is why I am pleased to release today's document which continues our efforts to respect best practices in fostering government budgetary and fiscal transparency."
Tax expenditures are tax credits, rebates, relief programs provided to individuals, non-pofit organizations, institutions, municipalities and businesses and help achieve social and economic benefits.
In spite of these benefits, tax expenditures still represent foregone revenue.