New Secretary of State Must Address Corporation Tax Says Committee

Session: 2012/2013

Date: 10 September 2012

Reference: ETI 01/12/13

The newly appointed Chairperson of the Northern Ireland Assembly Committee for Enterprise, Trade and Investment, Patsy McGlone MLA, is calling on the new Secretary of State, Theresa Villiers MP, to address the issue of local corporation tax.

His call comes as the Committee proposes an urgent meeting with the Secretary of State to underline the importance of establishing a corporation tax level for Northern Ireland which will help attract high-value foreign direct investment (FDI) and enable the region to compete for investment opportunities.

Patsy McGlone MLA said, “Corporation tax varying powers is an essential tool that can help us to attract high-value foreign direct investment (FDI), increase productivity, increase employment and create wealth. Resolving this issue and establishing a new rate of corporation tax will provide a much needed boost to the Northern Ireland economy.”

He went on “I know that there are many uncertainties, complexities and concerns on determining a new rate of corporation tax.  However it is absolutely crucial that the new Secretary of State understands how important it is for the issue to be urgently addressed and resolved, for the benefit of our local economy and people.

The Chairperson concluded: “I want to express to the Secretary of State the Committee’s commitment to settle this matter.  Although in the past this issue was delayed, it is once again gathering momentum and I believe that a meeting with the Secretary of State will help maintain that momentum for a positive outcome.”

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