The Northern Ireland Chamber of Commerce along with various business leaders met with the Chancellor George Osborne on Friday 17 June to lobby for the power to set corporation tax.

The Northern Ireland Chamber of Commerce has committed to encouraging 25 member responses to the consultation and is calling for all members to submit a response. Please refer to the below message from Chamber Chief Executive Ann McGregor. 

The closing date for responses has been extended one week from 24 June 2011 to 1 July 2011.

Dear Member
 
On Thursday 24th March 2011 the Treasury published a consultation document on rebalancing the Northern Ireland Economy.

This document considers possible mechanisms for devolving corporation tax rate varying powers to Northern Ireland. The document confirms that a lower corporation tax rate would be likely to have a positive effect on local private sector investment and FDI. Increased investment typically leads to increased growth and employment, and could contribute to the rebalancing of the Northern Ireland economy.

The consultation paper does not make recommendations with regard to corporation tax but aims to gain a fuller understanding of the benefits and costs that a separate rate would involve for Northern Ireland and indeed for the rest of the UK.

Benefitting your business
The document outlines the main benefits as being additional investment into Northern Ireland by new foreign owned firms and by existing firms. The document estimates that FDI will grow by over