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| Budget 2006 - Elimination of Excise Taxes on Jewellery and Clocks |
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(Ottawa, May 2, 2006)... As part of today's Federal Budget announcement, the excise tax on jewellery products (6%) and clocks (10%) has been eliminated, effective May 2, 2006.
Jewellery products include:
- clocks with a duty paid value of $50 CDN or more;
- articles made in whole or in part of natural shells or semi-precious stones;
- jewellery, including diamonds and other precious or semi-precious stones, for personal use or adornment of the person; and
- goldsmiths' and silversmiths' products
All licensed manufacturers and wholesalers will receive further information from the Canada Revenue Agency concerning cancellation of their excise tax licenses.
Following is a link to the Canada Revenue Agency's "Notice to all Importers and Licensed Jewellery Manufacturers and Wholesalers under the Excise Tax Act" of May 2, 2006: www.cra-arc.gc.ca/E/pub/et/etsl60/etsl60-e.pdf.
For more information, please call (905) 882-4880, Brian Rowe, General Manager – Customs Consulting Services.
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