THE reform of business rates must be a priority for the next Northern Ireland executive, the north's retailers have said.
The Northern Ireland Retail Consortium (NIRC) said change was needed to "encourage investment and sustain jobs".
Their call echoes the sentiments of former Dragon's Den investor Theo Paphitis, who this week branded the north's business environment as "horrendous" pointing to rates and rent as two major blocks to growth.
The NIRC has launched a policy paper entitled 'Business Rates: Fundamental Reform in Northern Ireland'.
Its director Aodhán Connolly said the tax had a "stranglehold" on investment in the north.
"The current system of business rates has become a tax on jobs and growth and undermines investment in property, especially in town centres and high streets," he said.
“Whilst fundamental reform will not be easy, doing nothing on business rates could lead to Northern Ireland missing out on investment, career opportunities and innovation.
"After the 2017 revaluations in England, Wales and Scotland, it is possible that Northern Ireland could have the highest property taxes in western Europe.”
The Department of Finance and Personnel (DFP) is preparing to launch a review into the business rates system.
The NIRC said it wants to see the overall tax burden reduced to allow companies to invest in growth.
It wants a more flexible system which costs less to run and is more transparent.
“Support for reform isn’t simply an issue for retailers but stretches right across the private sector," added Mr Connolly.
"Companies’ ability to invest is being held back by the prospect of paying more in business rates. As a result the additional jobs and careers that retail could provide are less likely to be gained.
"For there to be fundamental reform there not only needs to be ideas gathered in the form of the forthcoming DFP consultation but the political will to grasp this opportunity and make the hard decisions needed to ensure Northern Ireland is a competitive place not only to invest but to continue to do business.”
Earlier this week, retail mogul Theo Paphitis said the north had for too long been a "horrendous place” to do business.
Mr Paphitis, who opened an outlet of his Boux Avenue lingerie chain in Belfast's Victoria Square yesterday, said the shop had been almost five years in the making.
He said he had been held back due to problems finding an affordable site because of business rates and rent.
