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08/01/2015
Corporation Tax Bill Published
Legislation which could allow Northern Ireland to set its own rate of corporation tax has been published.
The Corporation Tax (Northern Ireland) Bill would allow the region's tax powers to be devolved to Stormont from April 2017.
Currently, businesses in NI pay 21% in corporation tax, compared to 12.5% in the Republic of Ireland. If the rate was lowered in line with the latter rate, it has been said that some 34,000 businesses in Northern Ireland would stand to benefit, including 26,500 SMEs.
Welcoming the publication of the Bill, Theresa Villiers, Secretary of State for Northern Ireland, said: "I am delighted the Government has introduced this important Bill today, as part of its implementation of the Stormont House Agreement.
"There is strong support for this change across all five of the parties in the Northern Ireland Executive and the business community who believe it would provide a major incentive for domestic businesses to invest further in Northern Ireland and significantly increase foreign direct investment.
"Given the land border shared with a lower corporation tax jurisdiction, this measure has the potential to create thousands of new jobs and stimulate crucial growth in Northern Ireland's private sector, leading to a stronger, re-balanced economy.
"In the light of an economy that for many years has been over-dependent on the public sector, allowing the Assembly to set its own rate for corporation tax offers the prospect of a transformative change in Northern Ireland."
George Osborne, Chancellor of the Exchequer, added: "As I've said over a number of years, there is a strong case for devolving a corporation tax rate-setting power to Northern Ireland.
"Today we recognise this by publishing the law to let this happen. This will give the Northern Ireland Executive greater power to rebalance the economy towards a stronger private sector, boosting employment and growth.
"We want to work with the NI Executive to ensure that Northern Ireland will attract investment and become more competitive, boosting the entire UK economy."
The government has said it aims for the legislation to be in place before May's General Election.
(JP)
The Corporation Tax (Northern Ireland) Bill would allow the region's tax powers to be devolved to Stormont from April 2017.
Currently, businesses in NI pay 21% in corporation tax, compared to 12.5% in the Republic of Ireland. If the rate was lowered in line with the latter rate, it has been said that some 34,000 businesses in Northern Ireland would stand to benefit, including 26,500 SMEs.
Welcoming the publication of the Bill, Theresa Villiers, Secretary of State for Northern Ireland, said: "I am delighted the Government has introduced this important Bill today, as part of its implementation of the Stormont House Agreement.
"There is strong support for this change across all five of the parties in the Northern Ireland Executive and the business community who believe it would provide a major incentive for domestic businesses to invest further in Northern Ireland and significantly increase foreign direct investment.
"Given the land border shared with a lower corporation tax jurisdiction, this measure has the potential to create thousands of new jobs and stimulate crucial growth in Northern Ireland's private sector, leading to a stronger, re-balanced economy.
"In the light of an economy that for many years has been over-dependent on the public sector, allowing the Assembly to set its own rate for corporation tax offers the prospect of a transformative change in Northern Ireland."
George Osborne, Chancellor of the Exchequer, added: "As I've said over a number of years, there is a strong case for devolving a corporation tax rate-setting power to Northern Ireland.
"Today we recognise this by publishing the law to let this happen. This will give the Northern Ireland Executive greater power to rebalance the economy towards a stronger private sector, boosting employment and growth.
"We want to work with the NI Executive to ensure that Northern Ireland will attract investment and become more competitive, boosting the entire UK economy."
The government has said it aims for the legislation to be in place before May's General Election.
(JP)
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17 December 2007
Corporation Tax: No Cut
Members of the business community in Northern Ireland have been disappointed with the results of the government's Varney review into taxation. Stormont ministers were also hoping to see a cut in corporation tax to promote investment. However, as a cut to 12.
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Members of the business community in Northern Ireland have been disappointed with the results of the government's Varney review into taxation. Stormont ministers were also hoping to see a cut in corporation tax to promote investment. However, as a cut to 12.
30 May 2012
Reducing Corporation Tax Could 'Transform' Economy
Lowering corporation tax for Northern Ireland would "transform" the economy, according to a former secretary of state. The Right Honourable Lord John Reid of Cardowen called for decision-making powers on corporation tax – which currently stands at 24% - to be devolved to the Northern Assembly.
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11 June 2003
Government targets car tax evaders
Motorists throughout Northern Ireland who do not license their vehicles will be targeted in a new campaign to recover millions of pounds lost each year in Vehicle Excise Duty (VED) evasion.
Government targets car tax evaders
Motorists throughout Northern Ireland who do not license their vehicles will be targeted in a new campaign to recover millions of pounds lost each year in Vehicle Excise Duty (VED) evasion.
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Northern Ireland WeatherToday:Gale, coastal severe gale, northwest winds ease from late afternoon. Scattered showers will fall as snow over the hills at first, becoming isolated from mid-afternoon. Maximum temperature 7 °C.Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Cloud will spread east towards morning. Minimum temperature 2 °C.
