Finance Minister Conor Murphy today held a roundtable discussion with representative groups to discuss business rates, Reval2020 and the Business Rates Review.
Speaking following the meeting, Minister Murphy said: “Today’s roundtable discussion was really useful to hear first-hand the views of a range of sectors ahead of the Regional Rate being set.
“I am determined to try to bring the fairest possible rates proposition to the Executive and Assembly to ensure that we can support people in business, grow the economy while at the same time raising the essential funds needed to support public services.
“Local government also have a role to play in ensuring we have a fair rating system as they set the District Rates.”
All 74,000 non-domestic properties have had new draft Net Annual Values (NAVs) published as part of Reval2020.
Discussing the revaluation, Minister Murphy said: “Reval2020 is not about raising more money. It is about taking account of changes in the property market. Some people will pay less, some will pay more and many will pay the same.
“If any business owner has concerns I would encourage them to engage with Land & Property Services as soon as possible and supply evidence that will help reassess their valuation.”
Outlining his commitment to rates reform, the Minister concluded: “My Department undertook an extensive review of business rates last year – this provided very valuable feedback. I look forward to continued engagement with businesses on this to ensure we have a system which is fair and sustainable in the wider budgetary context and supports public services.”
Notes to editors:
1. As a result of Reval2020 some 60% of business will see an adjustment to their NAV less than the average.
2. Business Rates raises over £650m for public services; reliefs and exemptions currently exceed £235m.
2. Attendees included; CBI, Enterprise NI, Federation of Small Businesses, Hospitality Ulster, Manufacturing NI, Northern Ireland Chamber of Commerce, Northern Ireland Retail Consortium, Retail NI, NI Hotels Federation and Northern Ireland Day Care Owners.
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