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Finance minister, Conor Murphy, has announced the extension will cover 29,000 businesses at a cost of £230m. However, the extension does not cover off-licences or larger food stores.
The Executive has also chosen to freeze the regional rate for businesses for the second year in a row.
Murphy said: “Recognising that the months ahead will continue to be hugely challenging, extending the 12 months rates holiday in the hardest-hit sectors will protect jobs.
“This package goes well beyond what has been announced in England and demonstrates the Executive’s commitment to providing certainty and support for businesses. It also protects councils’ rate income as the Executive will cover the full cost of the rates holiday.”
The move has been welcomed by Retail NI. Chief executive, Glyn Roberts, said: “Retail NI is pleased that the finance minister has listened to our members’ concerns and extended the rates holiday for another year. This will provide much-needed further support to our members as they begin the long road towards recovery.
“While this rates holiday is very welcome, we now need to see the Executive, at its review meeting next week, give the green light for non-essential retail to reopen next month.”
