Chartered Accountants Ireland has welcomed the commitment of Mr Owen Paterson towards business regeneration and renewal for Northern Ireland. Mr Paterson clearly sees a reduced rate of Corporation Tax as an important element in fostering Northern Ireland's economic development.

Chair of the Institute's Northern Ireland Taxation Committee Mr Eamonn Donaghy said:

“We have long concurred with Mr Paterson's view that an over dependence on the State sector is not sustainable in the long term; this was the evidence the Institute provided to Sir David Varney in the context of his reviews of Northern Ireland Tax Policy and Competiveness, and to the relevant parliamentary committees both in Stormont and Westminster.”

“In particular, an alignment of the Corporation Tax rate in Northern Ireland with the 12.5% rate which applies in the Republic can only be positive for business in Northern Ireland”.