Accountants call for ‘unified’ corporation tax

AN island of Ireland corporate tax rate of 12.5% has been proposed by the country’s largest professional body of accountants.

The Institute of Chartered Accountants in Ireland (ICAI) said that a reduction of Northern Ireland’s corporation tax rate to 12.5% to match the Republic of Ireland would benefit business in both jurisdictions.

Speaking at the ICAI’s annual conference in Belfast, the group’s vice-president Jim Aiken said: “A unified front on the taxation of trading activities on the island of Ireland will attract investment from abroad, and support all island markets to the direct benefit of both economies.