Finance Minister John O’Dowd has met with Belfast Chamber to discuss proposed reforms to the business rating system and encourage businesses to respond to the consultation on the Business Growth Accelerator and Non-Domestic Vacant Rating measures.
Speaking following the meeting, John O’Dowd said: “I welcomed the opportunity to meet with the Belfast Chamber today and discuss my recently launched consultation on the Business Growth Accelerator and Non-Domestic Vacant Rating and a number of business-related issues.
“I am acutely aware that businesses across our towns, cities and high streets continue to face a challenging operating environment but despite those challenges, businesses here continue to innovate and break new ground, underpinning local employment, local communities and our wider economy.”
The Minister continued: “My objective has always been a rating system that is fair, one that supports public services but also recognises the importance of business growth, investment and regeneration. That is why last week I launched a consultation on two important and related proposals: the introduction of a Business Growth Accelerator and changes to Non-Domestic Vacant Rating.
“The proposed Business Growth Accelerator would provide temporary, targeted relief for businesses making qualifying improvements to their properties, while the suggested changes to Non-Domestic Vacant Rating would aim to encourage the productive use of vacant premises, reduce long-term vacancies, support high streets and town centres, and better align the tax system with wider economic and regeneration objectives.
“I would urge all businesses and organisations to respond to the consultation and share their views, helping to support growth while maintaining fairness within the rating system.”
Belfast Chamber CEO Clare Guinness said:
“It was encouraging to hear that constructive discussions are continuing with the Treasury and the Secretary of State regarding the Executive’s budget, while the Minister also outlined his commitment to exploring alternative funding mechanisms and to engaging with Chamber members on new approaches to investment.
“Belfast Chamber welcomes the consultation on the proposed Business Growth Accelerator, which has the potential to encourage investment and regeneration, and had a positive discussion around the wider business rates proposals and their implications for sectors including retail, hospitality and leisure.