Diamond Excise Tax Is Canceled and Made Easy To Buy Luxury Items
2006: Diamond Excise Tax Cancelation Is Going To Benefit the Diamond Company
The Canadian government has repealed its 10 percent jewelry excise tax, to the applause of the the Canadian Jewellers Association, which said the taxrepresented inequity and confusion.
The government budget text reads: "Originally conceived as a tax on luxury goods, this characterization is no longer valid.
Jewellery is available at all price levels and is purchased by a wide range of Canadian households.
"Repeal of the Excise Tax will recognize this and ensure that the Canadian jewellery industry is able to compete on a fair and equitable basis with other retail and manufacturing businesses in Canada. It will also serve to reduce the compliance burden on the jewellery industry, a particular benefit to small businesses."