Corporation Tax Cut is 'Once in a Lifetime' Opportunity for Northern Ireland (24th March 2011)

Chartered Accountants Ireland has reacted to the launch this morning of the Government’s consultation paper asking for views on measures to rebalance the Northern Ireland economy.

Chair of the organisation's Northern Ireland Taxation Committee Mr Eamonn Donaghy said:
“This is a once in a lifetime chance to avail of a fresh examination of options for the  Northern Ireland economy.  We all now recognise the current over emphasis on the public sector and the potential to grow our private sector economy for the benefit of all our citizens. We are pleased to see that the Government recognises tax as a key influencer in attracting new investment into this region.  Reducing the Corporation Tax rate will have huge benefits; while we must be mindful of the costs there is strong evidence for the positive impact it will have.  The real work starts now and all concerned recognise the need for engagement in this process. The business community in Northern Ireland will play a vital role in designing these rebalancing measures.”

Commenting on today’s developments, Chair of the Ulster Society of Chartered Accountants, Richard Gardiner said:
“Some of the best policy initiatives come from this type of consultation and engagement.  The Ulster Society of Chartered Accountants will contribute to this process to reflect the views of all of its members, who are active in every sector of NI business activity.  If devolution of Corporation Tax rates is to be granted, the implementation of this power will be best achieved after closely examining both the potential of the proposal and the realistic costs involved, as well as outlining creative ideas on the management of the policy.”