A very important debate on tax matters took place at the Northern Ireland Assembly last month and Chartered Accountants Ireland was there.

There is an ongoing debate in terms of lowering the Corporation Tax rate in Northern Ireland to match that of the Republic of Ireland. Whilst the outcome of the 2007 Varney Report was undoubtedly disappointing in its conclusion, a group of economists, businessmen and tax professionals decided to come together in Autumn of 2009 under the banner of the Northern Ireland Economic Reform Group (NIERG) to get the issue back on the agenda both at the Assembly and subsequently at Westminister.

At the Assembly plenary session the Northern Ireland Assembly passed a “Take Note” motion recognising the need for a reduced rate of corporation tax in Northern Ireland, as outlined in the NIERG Report.

For several years the Institute has supported the call for a reduction in the headline corporation tax rate in Northern Ireland to a level similar to that of the Republic of Ireland.

A copy of the NIERG report can be accessed at http://www.ergni.org/reports/report_corporation_tax_feb_2010.pdf.

The debate is available at http://news.bbc.co.uk/democracylive/hi/northern_ireland/newsid_8668000/8668782.stm