Feb
10
2011
Northern Irish tax hikes not yet on horizon
Posted by Daniel Frost
Contractors in Northern Ireland with umbrella companies have been told that the time is not right for tax hikes.
Finance minister Sammy Wilson stated that he will wait until the country emerges from recession before looking at putting rates up.
"We have to take into consideration the fact that we are currently in the middle of recession. Some of the revenue schemes would mean dipping further into people's pockets. I don't believe this is the appropriate time to do it," he told the BBC.
Mr Wilson went on to say that as Northern Ireland comes out of the recession and things improve economically, then "new opportunities for revenue schemes" will be looked at.
The minister was responding to criticism that his draft budget did not exhaust all possible sources of income, despite aiming to save £4 billion over the next four years.
Last month, the Northern Ireland executive extended the consultation period on the draft budget by one week.
Contractors in Northern Ireland with umbrella companies have been told that the time is not right for tax hikes.
Finance minister Sammy Wilson stated that he will wait until the country emerges from recession before looking at putting rates up.
"We have to take into consideration the fact that we are currently in the middle of recession. Some of the revenue schemes would mean dipping further into people's pockets. I don't believe this is the appropriate time to do it," he told the BBC.
Mr Wilson went on to say that as Northern Ireland comes out of the recession and things improve economically, then "new opportunities for revenue schemes" will be looked at.
The minister was responding to criticism that his draft budget did not exhaust all possible sources of income, despite aiming to save £4 billion over the next four years.
Last month, the Northern Ireland executive extended the consultation period on the draft budget by one week.