TWO in three accountants in the north say they are in favor of introducing a decentralized corporate tax rate for the region.
They also insist that the temporary 5 percent VAT rate for hospitality should remain beyond its proposed September 30 expiration until at least the end of next March.
And next week, a delegation from their industry body Chartered Accountants Ireland will meet with the newly formed North Regional Independent Tax Commission to voice their concerns.
CAI, which represents 5,000 accountants working in Northern Ireland, surveyed its members for its annual position paper The Next Financial Year.
In it, the Institute highlights the potential for a lower and more competitive corporate tax rate and the benefits it could bring, along with a series of other measures that it believes represent an approach. innovative to support businesses and help the economy of the North to rebound after the Covid-19 pandemic.
Chartered Accountants Ireland Chairman Paul Henry said: âWe have long supported the idea of ââa decentralized corporate tax rate in the region, and the fundamental reasons for introducing it in Northern Ireland remain. unchanged.
âA lower and competitive rate, coupled with the dual benefit of having access to both the UK’s single market and the EU for goods, would place Northern Ireland in a unique position to attract investment as well. direct foreigners, especially in manufacturing and distribution.
“An increase in the main UK corporate tax rate from April 2023, the UK’s exit from the EU and the creation of an independent tax commission by the Northern Ireland executive make it a topical issue. I look forward to leading a delegation from the Institute to meet with the Commission on this issue next week.
Chartered Accountants Ireland is also calling for an extension of support for Covid companies such as the Coronavirus Job Retention Scheme (CJRS) and the Self-Employment Income Support Scheme (SEISS) until at least the end of 2021.