Newry Chamber & Newry BID Host Consultation Event on Revenue Raising Measures & The Future of Business Rates
Newry Chamber of Commerce & Trade and Newry BID hosted a constructive discussion this morning in Custom House, Newry, between local businesses and Land & Property Services NI on the current consultation on revenue-raising measures and the future of business rates.
Andrew McAvoy, Director of Rating Policy at Land & Property Services (NI), delivered a presentation to the well-attended meeting covering a range of measures currently being consulted upon.
These measures could see the removal of industrial derating as one of several revenue raising measures to help plug the gap in the NI budget.
Mr McAvoy also fielded questions from members of both business organisations on the challenges they face with the current rates system and the proposed changes.
Michael Savage, CEO of Newry Chamber said: “Newry Chamber has a diverse membership which covers businesses which benefit from the industrial derating which is threatened by these proposals and businesses which are in the retail, hospitality and professional services sector who feel they are carrying a disproportionate share of the rates burden.
“Today’s event offered the opportunity for all businesses to hear about the consultation process and how they can make submissions ahead of the deadline of Tuesday 13th February 2024.
“It also allowed business owners the opportunity to highlight their concerns about the rates system in NI and the challenges all businesses face in a difficult trading environment with a rising cost base.
“I would encourage all our members and the wider business community to make their voice heard and make a submission to the consultation closes next month.”
Eamonn Connolly, Newry BID Manager added: “Newry BID has lobbied consistently for a Fair Business Rates System and should these reliefs be removed it is essential that the funds raised go in address infrastructure deficits particularly relating to NI Water and Flood alleviation.
“The current Business Rates System whereby retail, hospitality, professional services and tourism are penalised is the greatest barrier to town centre regeneration and needs to be reviewed as a matter of urgency.”
You can view the consultation paper on non-domestic rating measures HERE and you can make your submission to the consultation HERE.
