Belfast Telegraph

Tax reform consultation extended

The Treasury consultation on corporation tax reform in Northern Ireland has been extended by a week.

The move is to allow all interested parties to have time to make submissions.

The Treasury is considering giving the Executive the power to vary corporation tax to allow Northern Ireland to compete with the Republic of Ireland's lower rate and attract more investment.

Secretary of State Owen Paterson has welcomed the announcement.

"There is a strong consensus across the Northern Ireland business community in favour of devolving the power to set the rate of corporation tax. I would urge anyone who wants to see a more prosperous Northern Ireland to respond to this consultation," he said.

"The benefits of a bigger, stronger private sector would flow out into all areas of the economy.

"Devolution of these powers is by no means a done deal and I need a strong message from Northern Ireland to take back to the Treasury saying this is what people in Northern Ireland want."

Submissions will now be accepted up until July 1.

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