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| Elimination of Excise Tax on jewellery |
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(Toronto, December 13, 2005)... One of Canada's last remaining Excise Taxes, applicable to jewellery and imposed in 1918 as a "luxury tax", is being eliminated.
The Excise Tax on jewellery (currently 8%) is reducing by 2% per year, effective March 1st, with full elimination on March 1, 2009:
| Effective Date |
Reduced From |
Reduced To |
| 12:01a.m. March 1, 2006 |
8% |
6% |
| 12:01a.m. March 1, 2007 |
6% |
4% |
| 12:01a.m. March 1, 2008 |
4% |
2% |
| 12:01a.m. March 1, 2009 |
2% |
0% |
Effective November 25, 2005, the Excise Tax on watches was eliminated completely and the Excise Tax on clocks adapted for household or personal use, except those specially designed for use of the blind, increased to 10 per cent of the amount by which the sale price or duty-paid value exceeds $50.
For more information, please call (905) 882-4880, Brian Rowe, General Manager – Customs Consulting Services. |
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