News
Harlequin Supports Proposed Changes To Corporation Tax In N.I
30th March 2011
A panel discussion on proposed changes to Corporation Tax in Northern Ireland was held in The Chief Executive’s Club at Queen’s University on Wednesday 23rd March.
The discussion, entitled, ‘The Big Debate: Corporation Tax’, was introduced by Professor Peter Gregson, President and Vice-Chancellor at the University and was chaired by UTV Business Editor, Jamie Delargy.
Among the panel members were, Peter Bunting (Irish Congress of Trade Unions), David Dobbin (Group Chief Executive, United Dairy Farmers, Chairman of InterTrade Ireland and of the Strategic Investment Board for Northern Ireland), Eamonn Donaghy (Partner, KPMG Tax Division), Stephen Kingon CBE (Chairman, Invest NI and Chair of the Centre for Competitiveness in Northern Ireland) and Professor Michael Moore (Director of Research, Queen’s University, Management School).
The evening gave local policy makers and business leaders, including Harlequin’s Managing Director, Brian McCann an opportunity to debate and to make known their views on any potential changes to Corporation Tax.
The wide ranging debate covered the likely benefits to be derived from an increase in inward investment, which was widely acknowledged as representing the most effective way to start the process of rebalancing the Northern Ireland economy. Other benefits identified were the development of a more entrepeneurial business community, through adopting a tax policy which has been so effective in the Republic of Ireland. Difference of views were apparent from some who believed that the cost in terms of the reduction in block grant would outweigh the income generation, with others arguing that the tax rate reduction will result in the tax take increasing by more than the reduction in this grant.
Following a lengthy debate between panellists and audience members over the course of the evening, an overwhelming majority of 75% of those in attendance voted in favour of a reduction in Corporation Tax levels within Northern Ireland.
Secretary of State, Owen Patterson, has since said that a reduction in Corporation Tax would benefit the Northern Ireland economy. A consultation paper on the case for the tax rate was published on Thursday 24th March and the findings of the consultation are expected to be published in June. It is predicted that Northern Ireland’s ‘unique circumstances’ will justify a reduction within the region. (www.bbc.co.uk/news)
