Do you think the business rate system or distribution of business taxes in Northern Ireland is unfair? Give the Department of Finance a piece of your mind by November 11th.
The cost of business rates has been a contentuous issue for Northern Ireland in recent years, causing an undue financial burden on many businesses. Many retail and office spaces in Belfast City Centre are currently lying empty and the disparity between small business owners and larger companies such as NI's large tech firms has been a problem for some.
The Department of Finance recently launched a consultation on the topic of business rates as part of wider review intended to make the system fairer more equitable for businesses of all sizes. The consultation closes next week on Monday November 11th, and all businesses in Northern Ireland are invited to contribute.
The department is looking for ways to reduce rates bills where appropriate, asking for thoughts on how the tax base could be widened to facilitate a decrease in business rates. The goal is to avoid placing undue burden on ratepayers and ensure a fairer distribution of business rates while maintaining the £655m annual income from them that is currently relied on.
The consultation also asks for feedback on any reliefs and support schemes that businesses can currently take advantage of and how they should be changed to make a fairer system. Ideas for alternative taxation options to completement business rates are also invited.
Sue Gray Permanent Secretary at the Department commented on the consultation, saying: "This review is about coming up with solutions which will help create a rating system that is capable of responding to wider economic changes, generates the funding our public services need while supporting businesses in all sectors. With less than a week until the consultation closes on 11 November I would encourage everyone with an interest to formally respond and help us shape our business rates system to ensure it delivers for all."
To take part in the consultation or for more information on it, head over to https://www.finance-ni.gov.uk/consultations/business-rates and download the consultation factsheet. All responses will be published on the Department of Finance website, or confidentiality can be requested if you'd like to make your thoughts known anonymously.
Source: Written based on press release
