• Current students
      • Student centre
        Enrol on a course/exam
        My enrolments
        Exam results
        Mock exams
        Learning Hub data privacy policy
      • Course information
        Students FAQs
        Student induction
        Course enrolment information
        F2f student events
        Key dates
        Book distribution
        Timetables
        FAE elective information
      • Exams
        Exam Info: CAP1
        E-assessment information
        Exam info: CAP2
        Exam info: FAE
        Access support/reasonable accommodation
        Extenuating circumstances
        Timetables for exams & interim assessments
        Interim assessments past papers & E-Assessment mock solutions
        Committee reports & sample papers
        Information and appeals scheme
        JIEB: NI Insolvency Qualification
      • CA Diary resources
        Mentors: Getting started on the CA Diary
        CA Diary for Flexible Route FAQs
      • Admission to membership
        Joining as a reciprocal member
        Conferring dates
        Admissions FAQs
      • Support & services
        Recruitment to and transferring of training contracts
        CASSI
        Student supports and wellbeing
        Audit qualification
        Diversity and Inclusion Committee
    • Students

      View all the services available for students of the Institute

      Read More
  • Becoming a student
      • About Chartered Accountancy
        The Chartered difference
        What do Chartered Accountants do?
        5 reasons to become a Chartered Accountant
        Student benefits
        School Bootcamp
        Third Level Hub
        Study in Northern Ireland
        Events
        Blogs
        Member testimonials 2022
        Become a Chartered Accountant podcast series
      • Entry routes
        College
        Working
        Accounting Technicians
        School leavers
        Member of another body
        International student
        Flexible Route
        Training Contract
      • Course description
        CAP1
        CAP2
        FAE
        Our education offering
      • Apply
        How to apply
        Exemptions guide
        Fees & payment options
        External students
      • Training vacancies
        Training vacancies search
        Training firms list
        Large training firms
        Milkround
        Recruitment to and transferring of training contract
        Interview preparation and advice
        The rewards on qualification
        Tailoring your CV for each application
        Securing a trainee Chartered Accountant role
      • Support & services
        Becoming a student FAQs
        Who to contact for employers
        Register for a school visit
    • Becoming a
      student

      Study with us

      Read More
  • Members
      • Members Hub
        My account
        Member subscriptions
        Annual returns
        Application forms
        CPD/events
        Member services A-Z
        District societies
        Professional Standards
        Young Professionals
        Careers development
        Diversity and Inclusion Committee
      • Members in practice
        Going into practice
        Managing your practice FAQs
        Practice compliance FAQs
        Toolkits and resources
        Audit FAQs
        Other client services
        Practice Consulting services
        What's new
      • In business
        Networking and special interest groups
        Articles
      • Overseas members
        Home
        Key supports
        Tax for returning Irish members
        Networks and people
      • Public sector
        Public sector news
        Public sector presentations
      • Member benefits
        Member benefits
      • Support & services
        Letters of good standing form
        Member FAQs
        AML confidential disclosure form
        Institute Technical content
        TaxSource Total
        The Educational Requirements for the Audit Qualification
        Pocket diaries
        Thrive Hub
    • Members

      View member services

      Read More
  • Employers
      • Training organisations
        Authorise to train
        Training in business
        Manage my students
        Incentive Scheme
        Recruitment to and transferring of training contracts
        Securing and retaining the best talent
        Tips on writing a job specification
      • Training
        In-house training
        Training tickets
      • Recruitment services
        Hire a qualified Chartered Accountant
        Hire a trainee student
      • Non executive directors recruitment service
      • Support & services
        Hire members: log a job vacancy
        Firm/employers FAQs
        Training ticket FAQs
        Authorisations
        Hire a room
        Who to contact for employers
    • Employers

      Services to support your business

      Read More
☰
  • Find a firm
  • Jobs
  • Login
☰
  • Home
  • Knowledge centre
  • Professional development
  • About us
  • Shop
  • News
Search
View Cart 0 Item

News

  • Home/
  • News
☰
  • News
  • News archive
    • 2022
    • 2021
  • Press releases
    • 2022
    • 2021
  • Newsletters
  • Press contacts
  • Media downloads
  • Podcasts Chartered Accountants Ireland
  • Budget day news

Missed opportunity in Spring Statement to reverse expected corporation tax rate increase to 25% from April 2023

Mar 28, 2022

23 March 2022

  • Today’s announcement was an opportunity to go further to provide help to businesses struggling in current inflationary environment 

  • Disappointing not to see greater certainty given to businesses in Northern Ireland as to what the future corporation tax regime will look like 

  • More important than ever for NI Executive to pursue activation of corporation tax setting powers  

  • Greater certainty to businesses and investors as to what a future regime will look like 

Measures to ease the rising cost of living, particularly for lower earners, are very welcome today, however more could have been done to support businesses in Northern Ireland also experiencing inflationary pressures. That’s according to Chartered Accountants Ireland in response to the Spring Statement announced by Chancellor Rishi Sunak. 

Commenting Cróna Clohisey, Tax and Public Policy Leader, Chartered Accountant Ireland said: “There was little in today’s Spring Statement of immediate benefit for businesses in Northern Ireland that continue to struggle with rising energy costs, inflation, staff shortages and turbulent supply chains as they emerge from the pandemic.   

“While the Chancellor did increase the employment allowance from £4,000 to £5,000 and acknowledged that there would be further tax measures announced as part of the Autumn Budget, businesses in Northern Ireland would have greatly benefited from the certainty of a confirmation of a reversal or even a postponement in the decision to increase corporation tax in Northern Ireland from 19% to 25% from April 2023. This missed opportunity further strengthens the case for the region to activate powers to set its own corporation tax rate.” 

The Institute has long campaigned for Northern Ireland to have the power to set its own corporation tax rate and believes that the rate should be more in line with the OECD’s proposed global 15% minimum rate. The majority of Chartered Accountants surveyed in Northern Ireland favour the introduction of a devolved corporation tax rate for the region, with almost 9 in 10 of those in favour of the belief that the rate should be less that the current 19%.   

Cróna Clohisey continued: “Northern Ireland could greatly benefit from reducing its corporation tax rate below the current 19%. The interim report of the Fiscal Commission in NI has already stated that there is a case for devolving corporation tax powers to the NI Assembly and urged the NI Executive to develop its own plans to demonstrate the sustainability of its finances.  

“Northern Ireland has lower levels of income and investment compared to the rest of the UK and we believe that allowing the Northern Ireland Assembly to set a lower rate would enable the region to attract increased high-value FDI, drive investment and expansion by local companies. The Institute believes that with the correct infrastructure and tax policy, there is significant potential for the region.”  

Ends  

The latest news to your inbox

Useful links

  • Current students
  • Becoming a student
  • Knowledge centre
  • Shop
  • District societies

Get in touch

Dublin HQ

Chartered Accountants
House, 47-49 Pearse St,
Dublin 2, D02 YN40, Ireland

TEL: +353 1 637 7200
Belfast HQ

The Linenhall
32-38 Linenhall Street, Belfast,
Antrim, BT2 8BG, United Kingdom

TEL: +44 28 9043 5840

Connect with us

Something wrong?

Is the website not looking right/working right for you?
Browser support
CAW Footer Logo-min
GAA Footer Logo-min
CCAB-I Footer Logo-min
ABN_Logo-min

© Copyright Chartered Accountants Ireland 2020. All Rights Reserved.

☰
  • Terms & conditions
  • Privacy statement
  • Event privacy notice
  • Sitemap
LOADING...

Please wait while the page loads.