Giving evidence to the NI Assembly Finance & Personnel Committee, RICS says that, whilst it welcomes the Executive's desire to support small businesses, it is not convinced that the best way to do this is to extend Small Business Rates Relief funded by a supplementary levy on large retailers.
The organisation, which has 3,000 members in Northern Ireland across the public, private and voluntary sectors, says that the relief to small firms as a result of the proposal would unlikely be sufficient to make the difference between a small firm surviving and failing.
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RICS says that it considers that small business rates relief is not the optimum vehicle for providing assistance to small businesses and concurs with the view that this measure is a blunt instrument which is unlikely to impact on viability or employment creation.
Commenting, RICS Northern Ireland spokesman Chris Kenton said: "We absolutely welcome the Executive's desire to support small businesses. However, we are not convinced that this proposal is the way to do it.
"Had the postponement of the 2010 non-domestic revaluation not taken place, it is our contention that some of the stores identified in the consultation document, particularly in Donegall Place, Belfast, could have reasonably expected a reduction in NAV, given the proximity of the Victoria Square development."
Speaking to the NI Assembly Finance and Personnel Committee, RICS says that rating revaluations need to take place on a regular basis in order to address anomalies and provide certainty in the rating system. It says that non-domestic revaluations should therefore commence as soon as is reasonably practicable.
(CD)
