Chas Roy-Chowdhury, head of tax for ACCA, comments on the Autumn Statement announcement that Northern Ireland has the potential to set its own corporation tax.

“This is a welcome move, and one that has been a long time in the making. The Chancellor was clear that if the Northern Ireland Executive can demonstrate they can work together during the current political talks, legislation to devolve corporation tax will be brought forward in this Parliament. There are clear and fundamental economic reasons behind this decision and Northern Ireland needs to consider matching the Irish rate of Corporation Tax of 12.5% so that the economy can thrive and prosper. Devolvement of the same powers to Scotland would have to be reviewed and assessed on a different basis.

“Northern Ireland has suffered negative earnings growth in the year to April 2014 and employment increase has been one of the lowest in the UK in that same period so there is clearly a need to readjust and rethink.

“However, it is worth noting that the final push for a potential outcome is being linked by some to a hung Parliament and a deal between Northern Ireland’s DUP MP’s and the Tories.

“Changing the tax regime cannot be done in isolation however – what is needed is a co-ordinated support strategy put in place to maximize the new powers. This will cost. We would want to see three things:

1. The further development of education, training and a talented and skilled workforce, specifically across growth sectors.2. A support strategy that can help to grow targeted industry sectors in line with the introduction of powers – such as ICT, agri-food, engineering, manufacturing and creative.3. The challenge for the Northern Ireland Executive at a time when its budget is being consistently cut and public funding is significantly reduced, it still needs to fund capital investment that will directly support the initiative. This would include investment rail and road network investment, similar to that which has been announced in GB over recent days, support of the 24 / 7 economy, culture and leisure – all the things that will help attract global business in terms of a talented workforce and the lifestyle that will keep them here. The brain drain is still a net outflow for Northern Ireland.”

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For further information:Shane Finnegan or Katrina Frazer at Aiken PRTel: 028 9066 3000Email: firstname@aikenpr.com

Chas Roy-ChowdhuryHead of Taxation, ACCAMobile: 07710 707 516

Ray Allger, ACCA Newsroomtel: +44 (0)20 7059 5788mob: +44 (0)7540 919819Twitter: @ACCA_UKRay.allger@accaglobal.com

Notes to Editors1. ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.2. We support our 170,000 members and 436,000 students in 180 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. We work through a network of 91 offices and centres and more than 8,500 Approved Employers worldwide, who provide high standards of employee learning and development. Through our public interest remit, we promote appropriate regulation of accounting and conduct relevant research to ensure accountancy continues to grow in reputation and influence.3. Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. We believe that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. Our values are aligned to the needs of employers in all sectors and we ensure that through our qualifications, we prepare accountants for business. We seek to open up the profession to people of all backgrounds and remove artificial barriers, innovating our qualifications and delivery to meet the diverse needs of trainee professionals and their employers.