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Implementing corporation tax a statement of positive intent

26th June 2017
GROW NI, the umbrella group which represents business organisations employing over 200,000 people across Northern Ireland has welcomed todays political developments and urged the local parties to move quickly to secure the reduction of Corporation Tax locally.

Spokesman Mervyn McCall said today,
"The devolution of corporation tax varying powers and the setting of a new 12.5% corporation tax rate is one key economic policy that all of the political parties have agreed will create a vital catalyst to economic grow. Today’s deal between the DUP and the UK Government highlights Corporation Tax and reaffirms the commitment to a new lower rate locally.

"When taken alongside the significant and vital investment in our physical infrastructure and broadband capacity which was announced today, we now have a package of measures which can herald a sea change in our economic position, but that also requires a stable devolved Executive to be in place.

"The new global rules around taxation will encourage business to generate profits in places where real economic activity will take place and will discourage the use of low tax countries where little or no activity happens. This will mean that a low tax jurisdiction that can offer a well-educated work force, good infrastructure and a sensible cost base will be very attractive to global businesses who want to locate in either the UK or close to the EU.
 
"We hope that the Assembly and the Executive will be re instated and that all of the parties put their talents and abilities to optimal use in driving forward our economy, assisting in creating new investment and jobs and making our shared community a more prosperous place for every member of society. Implementing a 12.5% corporation tax rate will be a massive statement of positive intent for our future economic growth.”
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