Reduction in corporation tax a shot in the arm for economy, say accountants
A reduction in corporation tax will set Northern Ireland on the road to economic recovery, an accountancy firm said.
BDO's managing partner, Francis Martin, and head of tax Peter Burnside spoke at the close of a Treasury consultation on rebalancing the economy, which focused on the implications of a cut in the current 26% tax rate.
The firm has published a document called, 'The future of corporation tax looks like this' - the fourth in a series of publications on economic issues.
It features interviews with seven business people - Bill Wolsey of Beannchor, Stephen Kirkpatrick of Corbo, Nigel Dunlop of Moy Park, Adrian Toner of First Derivatives, Tony Cross of Delta Packaging, Ian Haldane of Haldane Shiells and Tony O'Neill of the Northern Ireland Food and Drink Association.
In the document, they all give their views on the benefits of a tax cut.
Mr Burnside said cutting corporation tax would be a "shot in the arm" for the economy and would help rebalance it.
He said: "What we've found is that lower corporation tax will help business and industry in a huge number of ways.
"It will support organic growth and expansion within firms, allow Northern Ireland to compete internationally for investment and jobs and support the development of a solid export base.
"Each of our featured organisations are committed to Northern Ireland and all agree that any reduction will lead to a direct increase in numbers employed."
BDO said it had submitted its document to the Treasury for the consultation.