Danny Kinahan MP has welcomed news that the United Kingdom’s rate of Corporation Tax is set to drop to 17% by 2020. The announcement was made as the Chancellor outlined his 2016 Budget.
Danny Kinahan MP said:
“There were announcements in the Budget today that were welcome and some that will require further scrutiny.
“It is welcome news that the Corporation Tax rate in the UK is set to drop to 17% by 2020. This will make it more affordable for Northern Ireland to go down to a 12.5% rate.
“The Executive has committed to lowering the rate in Northern Ireland in April 2018, there should be no further delays. We want to be competing with the Republic of Ireland for Foreign Direct Investment and that is why we are as convinced as ever that the Executive must press ahead with moving to the lower rate as soon as possible. We believe this is an important policy lever in creating an environment where thousands of jobs could be generated.
“There have been initiatives announced today that will give heart to small businesses. I want to see our thriving microbreweries being given all possible support to continue their growth and a zero increase in duty on beer will give them a boost.
“News that the Government are taking action to limit sugar intake is welcome with a levy on sugar sweetened beverages. I hope that the Executive will take similar action with the funds raised passed on to schools for sports and active life initiatives.”