CBI calls for decision on corporation tax rate
The head of CBI Northern Ireland says a decision on reducing corporation tax is needed by early summer to boost business confidence and help stimulate investment
The head of CBI Northern Ireland has said that a decision on reducing corporation tax in Ulster is needed by early summer to boost business confidence and help stimulate investment.
Ian Coulter, the CBI Northern Ireland chairman, was speaking following the release of the UK government’s response to the Northern Ireland Affairs Report on Corporation Tax.
He said: "A lower corporation tax rate will encourage investment, economic growth and create several tens of thousands of new jobs over the medium and longer term.
"While it will help to attract significantly more Foreign Direct Investment the benefits to small and medium sized businesses across Northern Ireland should not be underestimated – evidence from the Republic of Ireland and elsewhere suggests that around half of the new jobs created will be in these local companies."
Mr Coulter added: "I strongly welcome the executive’s commitment to lower corporation tax in the draft Programme for Government. The report published today recognises that Northern Ireland has a unique set of circumstances quite different from Wales and Scotland.
"The report also emphasises the importance of the Ministerial Group which has been established to address a number of key issues which emerged from the HM Treasury consultation last year. Both points are welcomed but it is important our Executive continues to put pressure on getting a positive decision by early summer."
Notes to editors
Mr Coulter is available for interview – please contact the CBI Northern Ireland office on 028 9010 1100 or contact Rosemary at Tughans on 028 9055 3315 to arrange.
CBI Northern Ireland evidence to the HM Treasury consultation paper in July 2011 estimated that lower corporation tax rate will help transform the economy and create thousands of additional job opportunities for our young people (potentially 50,000 to 80,000 jobs over 20 years).
The CBI is the UK's leading business organisation, speaking for some 240,000 businesses that together employ around a third of the private sector workforce.