The Institute of Chartered Accountants in Ireland (ICAI) expressed disappointment in the Varney Review published on December 17 stating that it missed an historic opportunity to transform the Northern Ireland economy. ICAI strongly believes that the arguments outlined in the report need to be tested further.

ICAI is now calling on the Northern Ireland Affairs Select Committee at Westminster to launch an inquiry to question the conclusions. As a non devolved matter, over which the Northern Ireland Assembly has no control, the ICAI has to take these concerns to Parliament.

The key opportunity missed is the reduction in the headline rate of Corporation Tax to 12.5%. Above all else, this is required to set the Northern Ireland economy on a sound footing by supporting indigenous industry and attracting Foreign Direct Investment, as the economy emerges from the era of under investment and over reliance on the public sector.

A copy of the ICAI press release is reproduced at Section 2.02. A copy of an article on the Varney Review by Brian Keegan, ICAI Director of Taxation, from the Irish News and another article from the Belfast Telegraph are reproduced at Section 2.03.