Cork Chamber is concerned that a decision to reduce the LPT may result in the increasing of commercial rates and or the ending of the Economic Development Fund. The Chamber would argue strongly that either scenario would only serve to harm economic development and limit the potential for jobs growth in the region.  It is vitally important that the commitment to economic development and a positive environment for job creation are maintained across the region. Cork Chamber is calling on the Council to properly plan any reductions in the LPT rates to ensure that resulting budgetary shortfalls are not sought through an increase in commercial rates for already struggling businesses in the region. We would further call for a commitment from the councils for the retention that the 1% ring fencing of rates collected is maintained for economic development and job creation.

To this end Cork Chamber is meeting with members Cork City and County Councils to highlight our concerns ahead of any decisions being made on the Local Property Tax.