The Northern Ireland Affairs Committee announces first inquiry Corporation Tax in Northern Ireland. Written evidence is required by 21 September.
The Northern Ireland Affairs Committee is to carry out an inquiry into Corporation Tax in Northern Ireland.
There has been a continuing debate around the different corporation tax rates between Northern Ireland and the Republic of Ireland for several years. The Chancellor has announced that he plans to reduce the main rate of corporation tax in the UK from 28% to 24% over the next four years. He further announced that he would review measures to rebalance the NI economy including consideration of mechanisms for changing the corporation tax rate. The rate in the Republic of Ireland is 12.5%.
The Committee is particularly interested in hearing views on the following:
- What effect will the reduction in the corporation tax rate on a UK wide basis announced in the June 2010 Budget have on the competiveness of the Northern Ireland economy?
- What would be the benefits of equalizing the corporation tax rate in Northern Ireland with that of the Republic of Ireland?
- What alternative measures could be introduced by the UK Government to make the NI economy more competitive?
- Is a reduction in corporation tax the simplest and quickest way to make the NI economy more competitive, and how long would it be before Northern Ireland realised the benefits?
- What are the legal barriers to the introduction of different corporation tax rates on a regional basis within the UK?
- What would be the effect of reduced tax revenue in Northern Ireland?
- What evidence is there from other countries that having different corporation tax rates on a regional basis is effective?
- What are the implications for other regions if there were different levels of corporation tax within the UK?
The Committee invites any individual or organisation with an interest in this matter to submit written evidence in accordance with the guidelines stated below. Each submission should:
- be no more than 3,000 words in length
- have numbered paragraphs
- be in Word format or a rich text format with as little use of colour or logos as possible. Do not send PDFs.
A copy of the submission should be sent by e-mail to [email protected] marked "Corporation Tax in Northern Ireland" and should arrive by Tuesday 21 September 2010.
If you wish to submit a paper copy, in addition to the electronic version, it should be sent to:
The Clerk of the Northern Ireland Affairs Committee
House of Commons