The Corporation Tax (Northern Ireland) Bill completed its Parliamentary stages on Tuesday, and awaits approval from the Northern Ireland Assembly. Secretary of state Theresa Villiers welcomed the move, saying: ‘It is fitting that the Corporation Tax Bill has passed through the House of Lords today, on St Patrick’s Day. This represents completion of the Bill’s Parliamentary stages and is a significant milestone on the journey to devolve corporation tax setting powers to Northern Ireland.
‘Since 2010 this government and the executive have worked toward the shared goal of rebalancing the Northern Ireland economy, away from an over-reliance on the public sector and toward a more prosperous, successful economy. The executive recognises the benefits a devolved corporation tax rate could bring to the local economy. They have estimated that some 40,000 jobs could be created and an additional 10% in output could be realised.
‘The new tax-setting powers will only be commenced if the executive parties put their finances on a long-term sustainable footing. Changes to the welfare system are a key part of this. I hope the parties will continue to work hard to resolve current issues and ensure this enormous opportunity is not lost.’
The Corporation Tax (Northern Ireland) Bill completed its Parliamentary stages on Tuesday, and awaits approval from the Northern Ireland Assembly. Secretary of state Theresa Villiers welcomed the move, saying: ‘It is fitting that the Corporation Tax Bill has passed through the House of Lords today, on St Patrick’s Day. This represents completion of the Bill’s Parliamentary stages and is a significant milestone on the journey to devolve corporation tax setting powers to Northern Ireland.
‘Since 2010 this government and the executive have worked toward the shared goal of rebalancing the Northern Ireland economy, away from an over-reliance on the public sector and toward a more prosperous, successful economy. The executive recognises the benefits a devolved corporation tax rate could bring to the local economy. They have estimated that some 40,000 jobs could be created and an additional 10% in output could be realised.
‘The new tax-setting powers will only be commenced if the executive parties put their finances on a long-term sustainable footing. Changes to the welfare system are a key part of this. I hope the parties will continue to work hard to resolve current issues and ensure this enormous opportunity is not lost.’
