Accountants will meet with the Tax Commission to push for a decentralized corporate tax rate

TWO out of three northern accountants say they are in favor of setting up a decentralized corporate tax rate for the region.

They also insist that the temporary 5% VAT rate for hospitality should remain beyond its proposed expiry on September 30 until at least the end of next March.

And next week, a delegation from their industry body Chartered Accountants Ireland will meet with the newly formed Northern Regional Independent Tax Commission to raise their concerns.

CAI, which represents 5,000 accountants working in Northern Ireland, surveyed members for its annual position paper The Next Financial Year.

In it, the Institute outlines the potential for a lower and more competitive corporate tax rate and the benefits it could bring, as well as a range of other measures which it believes represent an approach innovative way to support businesses and help the northern economy bounce back from Covid-19. 19 pandemic.

Chartered Accountants Ireland chairman Paul Henry said: ‘We have long been in favor of looking at a devolved corporation tax rate in the region, and the fundamental reasons for introducing it in Northern Ireland. remain unchanged.

“A lower and more competitive rate, coupled with the dual benefit of having access to the single market for UK and EU goods, would put Northern Ireland in a unique position to attract foreign direct investment as well, particularly in manufacturing and distribution.

“An increase in the UK’s main corporation tax rate from April 2023, the UK’s exit from the EU and the establishment of an Independent Tax Commission by the Executive of Ireland du Nord make this a timely issue. I look forward to leading a delegation from the Institute to meet with the Commission on this issue next week.”

Chartered Accountants Ireland is also calling for an extension of Covid business support such as the Coronavirus Job Retention Scheme (CJRS) and the Self-Employment Income Support Scheme (SEISS) until at least the end of 2021.

Luisa D. Fuller