NI Planning On Skills For Lower Corporation Tax

Employment and Learning Minister Dr Stephen Farry launched a research report into the impact of a lower corporation tax in Northern Ireland on the demand for skills, labour and innovation capacity.

Commissioned by his Department, the report, ‘Preparing for a Lower Corporation Tax Environment’, indicates that a reduction in Northern Ireland’s Corporation Tax rate to 12.5% could create double the jobs that would otherwise be produced locally – that equates to 58,000 additional jobs by 2030.

The research looked at best practice internationally and shows that skills will be critical in driving out the full benefits of a lower corporate tax regime.

The Minister said: "This research shows that others have secured economic success in a low tax environment by having a clear understanding of the demand for skills, responding quickly to market changes and increasing the quantum, quality and relevance of available skills.

"This report undoubtedly puts Northern Ireland in a stronger position to understand, plan for and take advantage of the full benefits of a lower Corporation Tax environment. The findings will help us build on our current skills development work and ensure we are continuing to support the region's future economic success."

(CD)