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02/04/2003
Chartered accountants call for new tax breaks for NI business
The Ulster Society of Chartered Accountants has called for specific integrated tax and financial incentives to stimulate the local economy.
A report issued by the Ulster Society today, “Fiscal Incentives – A proposal for a step change in the Northern Ireland economy” is being presented to Government and outlines three specific measures to improve Northern Ireland’s tax framework for new and existing businesses.
Main business organisations including CBI Northern Ireland, the Institute of Directors and the Northern Ireland Chamber of Commerce and Industry have pledged their support for the Ulster Society’s fiscal incentives, while the Irish Congress of Trade Unions has also indicated its willingness to participate in a debate on the issues.
The Ulster Society, which represents over 2,200 members across Northern Ireland, hopes that the report may form the basis for discussion between government bodies and business organisations and that a Forum for this particular issue may be established.
Commenting on the proposals, Feargal McCormack, Chairman of the Ulster Society of Chartered Accountants said: “There is a need for a step change in Northern Ireland’s economic performance. Northern Ireland requires ‘tailor-made’ fiscal policies which will help to secure economic stability, and will in turn help to underpin political and social stability.
“Government has a crucial role to play in stimulating a wealth creation culture and as Chartered Accountants, we believe we are well placed to gauge the impact of fiscal policies at the heart of the local economy. What these recommendations represent is not a further request for additional funding, but a transitional period of reduced tax revenues to grow the economy, boost local business and thus to increase future tax intake.”
Chairman of the Ulster Society Fiscal Policy Group, Timothy Quin added that it was essential for the future economic life of Northern Ireland to create more economic activity, which required a significant investment in both capital expenditure terms and ongoing expenditure on product development, research and development, marketing, training and retraining.
"Lower taxation will motivate business in Northern Ireland to retain funds and will stimulate more investment in these areas, creating a real enterprise culture," he concluded.
(MB)
A report issued by the Ulster Society today, “Fiscal Incentives – A proposal for a step change in the Northern Ireland economy” is being presented to Government and outlines three specific measures to improve Northern Ireland’s tax framework for new and existing businesses.
Main business organisations including CBI Northern Ireland, the Institute of Directors and the Northern Ireland Chamber of Commerce and Industry have pledged their support for the Ulster Society’s fiscal incentives, while the Irish Congress of Trade Unions has also indicated its willingness to participate in a debate on the issues.
The Ulster Society, which represents over 2,200 members across Northern Ireland, hopes that the report may form the basis for discussion between government bodies and business organisations and that a Forum for this particular issue may be established.
Commenting on the proposals, Feargal McCormack, Chairman of the Ulster Society of Chartered Accountants said: “There is a need for a step change in Northern Ireland’s economic performance. Northern Ireland requires ‘tailor-made’ fiscal policies which will help to secure economic stability, and will in turn help to underpin political and social stability.
“Government has a crucial role to play in stimulating a wealth creation culture and as Chartered Accountants, we believe we are well placed to gauge the impact of fiscal policies at the heart of the local economy. What these recommendations represent is not a further request for additional funding, but a transitional period of reduced tax revenues to grow the economy, boost local business and thus to increase future tax intake.”
Chairman of the Ulster Society Fiscal Policy Group, Timothy Quin added that it was essential for the future economic life of Northern Ireland to create more economic activity, which required a significant investment in both capital expenditure terms and ongoing expenditure on product development, research and development, marketing, training and retraining.
"Lower taxation will motivate business in Northern Ireland to retain funds and will stimulate more investment in these areas, creating a real enterprise culture," he concluded.
(MB)
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A business start-up programme, which is set to create over 6,000 new businesses by 2005, is on target, according to Prof Terri Scott – Invest NI’s Managing Director of Entrepreneurship and Enterprise. Prof Scott made her comments at the ‘Celebrating Success’ ceremony at the Tower Hotel in Londonderry today.
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Northern Ireland WeatherToday:A chilly start with a widespread frost and some freezing fog, any freezing fog slow to clear. Otherwise bright with sunny spells and coastal showers. Light winds. Maximum temperature 6 °C.Tonight:Coastal showers dying out with a widespread frost developing along with freezing fog, which could become extensive. Winds remaining light. Minimum temperature -3 °C.
