ENTERPRISE COMMITTEE CHAIRPERSON TO HIGHLIGHT TAX CONCERNS

Date: Friday 25 May 2007

ETI 2/07

This afternoon, the Chairperson and Deputy Chairperson of the Committee for Enterprise, Trade and Investment will meet with Sir David Varney, appointed by the Chancellor to review taxation in Northern Ireland, to highlight the Committee’s concerns about existing tax policy in Northern Ireland.

Mr Mark Durkan, Committee Chairperson said:

“The Committee has asked me to reinforce the message from potential US investors that corporation tax must be cut to attract more foreign direct investors. US investment in the Republic of Ireland is 16%, whereas in the United Kingdom it is 6%. The figures speak for themselves”.

Mr Durkan added:

“The Chancellor has called on local businesses to endeavour to be more competitive in today’s global market. In return, the Committee calls on the Chancellor to create a tax environment which supports those endeavours to be competitive”.

Speaking on behalf of the Committee, Deputy Chairperson, Mr Paul Maskey concluded:

“There is a clear message coming from the parties and businesses that low corporation tax is a critical step in the road to changing our economy in a way that will lead to accelerated and sustainable economic growth.”

NOTE TO EDITOR

The Committee for Enterprise, Trade and Investment’s membership is:

Chairperson Mark Durkan MP (SDLP)
Deputy Chairperson Paul Maskey (Sinn Fein)

Alliance
Sean Neeson

DUP
Simon Hamilton
Robin Newton
David Simpson

Sinn Fein
Jennifer McCann
Mitchel McLaughlin

SDLP
Alasdair McDonnell

UUP
Leslie Cree
Alan McFarland

All enquiries regarding the work of the Committee should be directed to the Committee Clerk, Lucia Wilson, Room 424, Parliament Buildings, Belfast, BT4 3XX ( ( 028 905 21230).