Mr Patsy McGlone (Mid Ulster): To ask the Minister of Finance to detail any progress that has been made to reduce Corporation Tax in Northern Ireland.
Minister of Finance: My Department does not have the ability to reduce the rate of Corporation Tax in the North. These powers have not been devolved to the Executive.
My position remains that the devolution and reduction of Corporation Tax can only occur if it is affordable and furthers economic development, and will only be worthwhile if it ensures that ordinary citizens benefit through the creation of sustainable, well-paying jobs.
I negotiated the Interim Fiscal Framework earlier this year which committed the British Government to further consideration of fiscal devolution. However, my department is currently prioritising those elements of the Interim Fiscal Framework in relation to our funding arrangements which critically need to be progressed in the near-term.
Once these elements are sufficiently advanced, I will bring my proposals to the Executive on the additional fiscal powers we might seek and negotiate for this with the British Government. These proposals will be informed by the recommendations of the independent Fiscal Commission.
ENDS
Your MLA 