AQW 16135/17-22

Ms Claire Sugden
Independent
East Londonderry

Tabled Date: 10/03/2021
Answered On Date: 25/03/2021
Priority Written: No

Question:
To ask the Minister for the Economy, given the higher rate of local corporation tax compared to the Republic of Ireland, (i) how she will ensure Northern Ireland’s competitiveness in attracting private investment; and (ii) to detail any conversations she has had with the government at Westminster regarding the potential lowering of the rate in Northern Ireland.

Answer:

(i) Potential investors assess a number of factors when determining the optimum location for their operations. Northern Ireland is a highly attractive location for both local and international investment as evidenced by our strong track record. We have a compelling offer to investors including our highly skilled and talented workforce, competitive cost base, advanced infrastructure appealing quality of life and access to key markets.

Factors such as the prevailing rate of corporation tax are considered in combination with the above factors rather than in isolation by potential investors when evaluating our attractiveness relative to competing locations.

Invest NI continues to promote this value proposition in overseas markets to attract mobile international investment to the region.

(ii) It is the Department of Finance that leads engagement with UK Government on matters related to tax devolution. I have not had formal discussions with UK Government regarding the potential lowering of the corporation tax rate in Northern Ireland.