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Full devolution of Non-domestic rates marks a major first milestone for fiscal devolution

The full devolution of non-domestic rates in Wales as of yesterday marks a major first milestone for fiscal devolution in Wales, Finance and Government Business Minister Jane Hutt said.

The National Assembly already has legislative competence over some powers over non-domestic rates, and can amend or replace the current system of rates, but from 1 April will have full responsibility.

Welcoming the devolution of non-domestic rates, Finance and Government Business Minister Jane Hutt said:  “This is a major first milestone for fiscal devolution in Wales.  Devolution of non-domestic rates will give Welsh Ministers new flexibilities to make use of an important economic lever.  It will also put Wales on an equal basis with Scotland".

“The devolution of financial powers provides us with the opportunity to develop taxes that are based on fairness and reflect the needs, circumstances and priorities of the people of Wales.  They will help us deliver our economic and social goals for Wales.”

Economy, Science and Transport Minister Edwina Hart said:

"The devolution of business rates is excellent news for Welsh businesses. We have already committed to capping business rates increases at 2% and an extension to Small Business Rates Relief, and these new powers will give us the opportunity to consider further steps to support jobs and growth right across Wales.”

 

Channel website: http://gov.wales

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