Wed 18th Feb 2015
Executive must move quickly to determine Corporation Tax ‘rate and date’
Northern Ireland Chamber of Commerce and Industry (NI Chamber) has called on the Executive to move quickly to set a ‘rate and date’ for the implementation of Northern Ireland’s new Corporation Tax rate – or risk losing investment opportunities.
Ann McGregor, Chief Executive of NI Chamber said:
“NI Chamber is extremely encouraged by the progress our Executive has made around Corporation Tax to date.
“The First Minister Peter Robinson has said recently that devolving Corporation Tax to Northern Ireland will be more affordable than was first thought. The Secretary of State Theresa Villiers has also commented that the prospect of a cut in business tax rates in Northern Ireland is generating significant interest in the United States following her meeting with Congressmen in Washington.
“However, less promising is that there is no agreement between the DUP and Sinn Fein around when precisely the new regime will come into place and what rate it will be set at. Consensus needs to be reached so that Northern Ireland businesses can put growth plans in place and Invest NI can start selling the proposition to potential inward investors across the world.
“NI Chamber therefore calls on the Northern Ireland Executive to provide some clarity on these issues in advance of a number of senior business leaders, including the NI Chamber President Kevin Kingston, attending the St Patrick’s Day celebrations at the White House next month.
“The visit to the White House provides a perfect platform to sell Northern Ireland however in order to take advantage of this opportunity the Northern Ireland Executive must agree a ‘rate and date’ as soon as possible – or risk losing investment opportunities.”