Roy Beggs MLA of the Ulster Unionist Party, has pressed the Finance Minister to ensure that additional investment and jobs are encouraged well in advance of the reduction of Corporation Tax.
Roy Beggs, East Antrim MLA said “We need to attract new foreign direct investment and encourage new investment from existing companies so that additional corporation tax is raised rather than costs being incurred in the block grant at the start date.
Is the Minister satisfied that there is sufficient urgency, from his Department and other Departments, in promoting the advantages so that this additional corporation tax will be raised to benefit the community?”
Minister for Finance Mervyn Storey MLA said “ Yes, I think that there is. Now that we have started on this road, we need to keep focused. As Finance Minister, I will keep the pressure on, given the work that the project board will have to do to work out the modalities following on from the memorandum of understanding. I understand that the First Minister and the deputy First Minister will be going to the United States soon, and a key component of their message will be that Northern Ireland will have a corporation tax rate of 12.5% in 2018. That is a good message to send out to the United States and to the wider economic world. My colleague in DETI and I will continue to ensure that it plays an important role in encouraging foreign direct investment to Northern Ireland.”