First Ministers of Northern Ireland government put forward a plan to cut the corporate tax rate and make it equal to 12.5% by April 2018.
At the moment, the corporate tax rate in the UK is 20%. But after Britain and Northern Ireland’s power-sharing parties in November 2015, the executive branch of Northern Ireland will set its own level of tax rate from April 2018. In Britain, the corporate tax rate will also be reduced to 19% in 2017 and to 18% by 2018.
First Minister Arlene Foster and his deputy Martin McGuinness are in the US on a trade mission.
Speaking at a meeting in New York, Foster said: “reduced corporate tax rate would significantly increase the attractiveness of Northern Ireland as an investment location for both existing and potential new investors and will benefit local businesses. No region in Western Europe will not have a lower corporate tax rate, so in combination with government support job creation, training and research, Northern Ireland will be one of the most attractive countries for doing business in Western Europe. “
According to McGuinness, reduced corporate tax rate will mean that Northern Ireland will be able to “bid for the projects of the company, which had not previously considered us.”
Invest NI, whose task is to promote domestic investment in the country, has launched a new advertising campaign, which is designed to raise awareness of Northern Ireland as a place for investment.