There’s just one week left to have your say on the Department of Finance’s consultation on business rates.
The consultation is part of a widespread review of Business Rates announced earlier this year to ensure that the rating system is effective and fair while raising the funds needed to support public services.
Each year business rates generate over £655million. The consultation is looking at how this amount might be raised in a way that is fair and equitable without placing an unacceptable burden on business ratepayers.
It is seeking views on a number of areas including; how the tax base could be widened to facilitate a lower level of individual bills, whether the current suite of reliefs and exemptions are what we need going forward and do they recognise ability to pay as well as what other taxation options could be considered to raise revenue.
Encouraging responses before the 11 November deadline, Sue Gray Permanent Secretary at the Department said: “Since the consultation launched, the Business Rates Review Team has met with a wide range of organisations right across Northern Ireland including councils, business ratepayers, business improvement districts, chambers of commerce, and trade bodies. The level of engagement to date has been fantastic and I’m extremely grateful to everyone who has taken the time to get involved, put forward their opinions and share their ideas.
“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.
“I firmly believe that this consultation provides a great opportunity to look at what’s worked in other areas, listen to our local business ratepayers and make our business rates system really fit for purpose.
“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.”
For more information and to respond, visit the consultation page.
Notes to editors:
1. Each year Land & Property Services collects over £1.34bn of rates which helps fund vital public services. Business Rates contributes over £655m to the overall rates income.
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