Manufacturing and Processing Profits Tax Credit This credit applies to corporations that carry out manufacturing and processing from a permanent establishment located in Newfoundland and Labrador. The credit allows a deduction from Newfoundland CIT payable of 9% on Taxable Canadian Manufacturing and Processing Profits. This results in an effective CIT rate of 5% for manufacturing and processing profits. To obtain this credit, corporations should complete a Schedule 300 with their annual income tax return. The Manufacturing and Processing Credit is provided under Section 41 of the Income Tax Act. This credit is administered by Canada Revenue Agency.
For additional information about this credit please contact : Department of Finance |
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