Northern Ireland reduces corporate tax to attract foreign investments

Global Business

During the U.K.’s half year budget statement last week , the chancellor of the Exchequer George Osbourne announced that he was devolving tax setting powers to Northern Ireland. The chancellor stated that Northern Ireland’s government can set it’s own corporate tax rates if they are able to meet certain budget cuts to allow this financially. 

This move would allow Northern Ireland to compete with the Republic of Ireland’s low corporate tax rate of 12.5 percent. That rate has made the Republic a large recipient of foreign investment in recent years. CCTV America’s Correspondent Lourda Sexton reported the story from Northern Ireland.

Northern Ireland reduces corporate tax to attract foreign investments

During the U.K.'s half year budget statement last week , the chancellor of the Exchequer George Osbourne announced that he was devolving tax setting powers to Northern Ireland. The chancellor stated that Northern Ireland's government can set it's own corporate tax rates if they are able to meet certain budget cuts to allow this financially.

Over 1,000 multinationals have set up in Ireland, and over half of these are from the United States. However, Ireland is keen to attract investment from emerging markets like China and welcomed Northern Ireland’s announcement saying an all-island offering is a good thing for the country.