Harmonisation clearly on the agenda
Sinn Féin Economy Spokesperson Mitchel McLaughlin MLA has welcomed comments from British Secretary of State Peter Hain that he would look at the issue of corporation taxes if there was consensus from local parties.
Mr McLaughlin said:
"Sinn Féin have argued for a harmonisation of corporation taxes across the island of Ireland to create a level playing field in terms of the growth of indigenous business and attracting foreign direct investment.
"We have raised the issue of harmonisation directly in recent talks with the British government so it is interesting to hear Peter Hain now acknowledge the argument.
"Sinn Fein is proposing the gradual harmonisation of corporation tax on an all-Ireland basis. In the immediate term we would plan to lower the corporation tax rate in the six counties to 17.5% for smaller companies with profits up to 300,000 Euro and to raise the rate from 12.5% to 17.5% in the 26 Counties.
"It is clear that we need to do much more work to secure the long-term economic future of people on this island against the backdrop of an increasingly competitive global economy that has seen the erosion of the manufacturing base in particular.
"The sooner people stop making excuses for the return of the institutions and a functioning Executive the sooner we can develop the political consensus required to move the British government on this and indeed many other issues." ENDS