Menu
17/12/2007
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 12.5% would cost the government £300m annually to match the rate of corporation tax in the Republic of Ireland, it is not going to be approved.
Northern Ireland is disadvantaged in that the top rate is 30%, however this is being marginally reduced to 28% in April.
The Irish Republic's low corporation tax has been a key factor in its economic success. The parties have argued the tax cut would help them compete on a level playing field for foreign investment.
Another reason Varney didn't back the proposal was fears that if a special case is made for Northern Ireland it would draw companies away from other parts of the United Kingdom and lead the Scottish First Minister Alex Salmond and Welsh First Minister Rhodri Morgan to expect similar cuts.
(GK/SP)
Stormont ministers were also hoping to see a cut in corporation tax to promote investment.
However, as a cut to 12.5% would cost the government £300m annually to match the rate of corporation tax in the Republic of Ireland, it is not going to be approved.
Northern Ireland is disadvantaged in that the top rate is 30%, however this is being marginally reduced to 28% in April.
The Irish Republic's low corporation tax has been a key factor in its economic success. The parties have argued the tax cut would help them compete on a level playing field for foreign investment.
Another reason Varney didn't back the proposal was fears that if a special case is made for Northern Ireland it would draw companies away from other parts of the United Kingdom and lead the Scottish First Minister Alex Salmond and Welsh First Minister Rhodri Morgan to expect similar cuts.
(GK/SP)
Related Northern Ireland News Stories
Click here for the latest headlines.
24 October 2024
100 Days Left To File Your Self Assessment Tax Return
The clock is ticking for taxpayers who file Self Assessments. HM Revenue and Customs (HMRC) is reminding everyone that they have just 100 days left to submit their return and settle any tax owed before the January 31st deadline. For those who haven't started yet, HMRC offers a wealth of information and guidance on GOV.
100 Days Left To File Your Self Assessment Tax Return
The clock is ticking for taxpayers who file Self Assessments. HM Revenue and Customs (HMRC) is reminding everyone that they have just 100 days left to submit their return and settle any tax owed before the January 31st deadline. For those who haven't started yet, HMRC offers a wealth of information and guidance on GOV.
23 January 2024
HMRC Issues Self Assessment 31 January Deadline Reminder
HM Revenue and Customs (HMRC) has urged the 3.8 million people yet to file their Self Assessment tax return are urged to "act now or risk facing a £100 penalty". HM Revenue and Customs (HMRC) is expecting more than 12.1 million tax returns to be filed for the 2022 to 2023 tax year along with any payment that is owed. To date more than 8.
HMRC Issues Self Assessment 31 January Deadline Reminder
HM Revenue and Customs (HMRC) has urged the 3.8 million people yet to file their Self Assessment tax return are urged to "act now or risk facing a £100 penalty". HM Revenue and Customs (HMRC) is expecting more than 12.1 million tax returns to be filed for the 2022 to 2023 tax year along with any payment that is owed. To date more than 8.
10 January 2011
Corporation Tax Cut Disagreement Aired
A difference of opinion has emerged in the debate over a long-sought cut in corporation tax and its impact on inward investment for NI. One body has said the change would attract more foreign companies to NI, while another - a consultancy firm - questioned the benefits of any such cut in the rate.
Corporation Tax Cut Disagreement Aired
A difference of opinion has emerged in the debate over a long-sought cut in corporation tax and its impact on inward investment for NI. One body has said the change would attract more foreign companies to NI, while another - a consultancy firm - questioned the benefits of any such cut in the rate.
23 March 2011
Income Tax Cut Announcement Expected
The government is expected to announce that millions of workers will have their income tax cut in the budget. This will be achieved by raising the personal allowance by £600 but will not come into effect for another 12 months. It is likely that the increase in petrol duty, which had been due to rise at the end of the month, will be cancelled.
Income Tax Cut Announcement Expected
The government is expected to announce that millions of workers will have their income tax cut in the budget. This will be achieved by raising the personal allowance by £600 but will not come into effect for another 12 months. It is likely that the increase in petrol duty, which had been due to rise at the end of the month, will be cancelled.
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.
-
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.
