Wed 3rd Jul 2013
NICC Press Statement on Corporation Tax – 15 March 2011
Speaking following the news that the Treasury has indicated NI corporation tax could be lowered next year Chamber President Francis Martin said:
“A reduction in corporation tax will ensure Northern Ireland can attract higher levels of international investment and allows our larger companies to compete on a level playing field with other firms on the island. I welcome the news that the Treasury will put the necessary measures in place to allow the Northern Ireland Assembly to reduce the corporation tax rate.
“Any reduction must ensure that the rate is on a par with the Republic. The importance of the low rate to their economy has been demonstrated by the priority placed on its retention by the Dublin Government during the current negotiations with the EU. Any decrease which does not allow us to match the rate on the rest of the island will not allow the Northern Ireland economy to reach its full potential,” he added.
“Lower corporation tax is only one of a range of policy changes which must be introduced to stimulate the economy. The designation of Northern Ireland as an Enterprise Zone is a key step which will allow all companies, regardless of size, to grow and flourish. As well as reduced corporation tax, an Enterprise Zone should include a range of incentives including national insurance exemptions, fast-tracked planning and support from local government for all businesses with growth or expansion plans,” he concluded.