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10/01/2011
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.
PriceWaterhouseCoopers said that any reduction would not necessarily attract significant volumes of new investment.
But the NI Economic Reform Group which lobbies for the change, insisted it would make a difference.
However, there is virtual cross party support in NI for corporation tax to be cut from its current level of 28% to 12.5 % in line with the Republic of Ireland.
The change has been promoted as a means of encouraging more overseas companies to locate in Northern Ireland even though the PwC report said there was no evidence that a cut would attract significant volumes of new investment and would which would cost the Assembly up to £280m a year.
Commenting, the Ulster Unionist Finance Spokesman, David McNarry said: "While I welcome PricewaterhouseCoopers' contribution to the debate, it appears to be a contrary view to many other professional opinions that have been aired.
"Our political position has been and remains that Northern Ireland must establish the principle of seeking to reduce Corporation Tax as a way forward.
"We are convinced that a reduction in Corporation Tax, if introduced properly, can be good for Northern Ireland, can build our economy and bring new jobs.
"The long awaited paper from Her Majesty's Treasury is now with the Northern Ireland Executive and we will be pressing for a debate on Corporation Tax to establish the principle for reducing it for Northern Ireland and to then set about examining the timing and the method best suited to introduce it.
"Before moving to either reject or accept the reduction of Corporation Tax we need to compare the benefits with the loss there would be to NI's block grant.
"It would be very helpful if PricewaterhouseCoopers would assist in putting those figures on the table," the MLA said.
(BMcC/GK)
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.
PriceWaterhouseCoopers said that any reduction would not necessarily attract significant volumes of new investment.
But the NI Economic Reform Group which lobbies for the change, insisted it would make a difference.
However, there is virtual cross party support in NI for corporation tax to be cut from its current level of 28% to 12.5 % in line with the Republic of Ireland.
The change has been promoted as a means of encouraging more overseas companies to locate in Northern Ireland even though the PwC report said there was no evidence that a cut would attract significant volumes of new investment and would which would cost the Assembly up to £280m a year.
Commenting, the Ulster Unionist Finance Spokesman, David McNarry said: "While I welcome PricewaterhouseCoopers' contribution to the debate, it appears to be a contrary view to many other professional opinions that have been aired.
"Our political position has been and remains that Northern Ireland must establish the principle of seeking to reduce Corporation Tax as a way forward.
"We are convinced that a reduction in Corporation Tax, if introduced properly, can be good for Northern Ireland, can build our economy and bring new jobs.
"The long awaited paper from Her Majesty's Treasury is now with the Northern Ireland Executive and we will be pressing for a debate on Corporation Tax to establish the principle for reducing it for Northern Ireland and to then set about examining the timing and the method best suited to introduce it.
"Before moving to either reject or accept the reduction of Corporation Tax we need to compare the benefits with the loss there would be to NI's block grant.
"It would be very helpful if PricewaterhouseCoopers would assist in putting those figures on the table," the MLA said.
(BMcC/GK)
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