McHale Plant Sales, whose activities in Northern Ireland include responsibility for Metso Outotec stone crushers and Komatsu Forest timber harvesting equipment, has urged machinery buyers in the province to avail of new tax reliefs on qualifying capital asset investments in plant and machinery introduced by UK Chancellor of the Exchequer, Rishi Sunak.

Amongst the measures set out in the new regulations, which apply to buyers in Northern Ireland, is one whereby companies investing in qualifying new plant and machinery assets can benefit from a new temporary tax arrangement that delivers a 130 percent first-year capital allowance.

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Designed to stimulate business investment, the measure increases the incentive to invest in plant and machinery by offering higher rates of relief than were previously available.

Confident of the beneficial economic impact the measure will have, McHale Plant Sales finance director, Liam Foley has written to Republic of Ireland Minister for Finance Pascal Donoghue TD asking that the Irish Government would consider the introduction of a similar measure in their next Budget.

He said: "By taking such a step, the Government in Dublin would level the playing field between the Republic and Northern Ireland and remove any cross-border sales and marketing imbalances that might arise and could impact negatively on southern-based distributors."