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Firms in fresh plea for tax cuts Firms in fresh plea for tax cuts
(about 1 hour later)
Firms in Northern Ireland have made a fresh call for tax cuts as the government prepares to publish its Varney review into taxation later.Firms in Northern Ireland have made a fresh call for tax cuts as the government prepares to publish its Varney review into taxation later.
Members of the business community have been lobbying for a cut in the corporation tax to promote investment.Members of the business community have been lobbying for a cut in the corporation tax to promote investment.
It is just 12.5% in the Republic, compared to NI's 30% top rate. But it is being reduced to 28% in April. It is 12.5% in the Republic of Ireland, compared to NI's 30% top rate. But it is being reduced to 28% in April.
Campaigners have long argued NI's rate should be lowered to attract foreign investment and create more jobs.Campaigners have long argued NI's rate should be lowered to attract foreign investment and create more jobs.
In March, the former Chancellor Gordon Brown announced the 2% reduction in the 30% rate in April 2008, but this left many local firms disappointed as few pay the top rate.In March, the former Chancellor Gordon Brown announced the 2% reduction in the 30% rate in April 2008, but this left many local firms disappointed as few pay the top rate.
The vast majority of the 60,000 local companies pay a lower rate of 19% which is being increased to 22% in 2009.The vast majority of the 60,000 local companies pay a lower rate of 19% which is being increased to 22% in 2009.
The Irish Republic's low corporation tax has been a key factor in its economic success.The Irish Republic's low corporation tax has been a key factor in its economic success.