Small businesses could benefit from Tesco tax

Northern Ireland finance minister Sammy Wilson has voiced his hopes for more small businesses to benefit from the so-called Tesco tax, which was introduced in early 2012.

Announcing a review of the scheme on Tuesday (July 17th), Mr Wilson said more than 8,000 firms have already reaped financial rewards as a result of the levy, in which multi-national businesses pay higher rates to subsidise lesser-known enterprises.

He also revealed the assessment will determine whether additional companies can be brought into the initiative, as well as injecting more funds into the plans.

Mr Wilson also responded to critics of the Tesco tax after it was argued the introduction of the levy would impact funding and employment opportunities.

“As far as investment is concerned, rather than see investment leaving Northern Ireland some of the big stores are actually going full steam ahead with new investment,” he told BBC News.