Chartered Accountants Ulster Society has responded to the results of the inquiry into corporation tax in Northern Ireland by the Westminster Northern Ireland Affairs Committee, describing it as a careful and balanced analysis of the tax, legal and economic issues.
“The report concludes positively on devolving corporation tax to the Northern Ireland Executive, and that the use of this power would enable the Executive to assist to the private sector to expand , innovate and employ more people” according to the Chairman of Chartered Accountants Ulster Society, Michael Black.
“Our members represent all business sectors in Northern Ireland and can play a key role in building a strong and sustainable local economy for Northern Ireland as an essential component in ensuring a better life and greater opportunities for all within our society. I would now ask our members to take the time to respond positively to HM Treasury’s consultation process which will run until 24thJune, and to continue to engage in the process going forward”,continued Michael Black
“The Committee’s conclusion that there is a convincing case for a reduced rate of corporation tax in Northern Ireland is not surprising. The Ulster Society and Chartered Accountants Ireland has long been campaigning on the merits of a reduced rate for this region, and gave evidence to the Committee to this end” said Eamonn Donaghy Chair of the Northern Ireland Tax Committee.
The report highlights concerns on potential implementation issues, which may be faced by the NI Executive. As part of our response to HM Treasury’s consultation, which will be published in the coming weeks we address these concerns head-on – these challenges can be met with the buy-in of all key stakeholders in this process” continued Eamonn Donaghy
Ends
Reference: Garry Webb, Chartered Accountants Ireland, phone 07841 152045
Notes to Editors
Chartered Accountants Ulster Society offered written evidence to the Northern Ireland Affairs Committee. Mr Eamonn Donaghy, Chair of the Northern Ireland Tax Committee of Chartered Accountants Ireland was among several expert witnesses called to give oral evidence in front of the Committee.
HM Treasury’s consultation paper ‘Rebalancing the Economy in Northern Ireland’ is open for responses until Friday 24 June 2011.
Chartered Accountants Ireland is Ireland's largest and oldest professional body of accountants founded in 1888 and with over 20,000 members.