Welsh Tax Powers - Purpose, Principles and Priorities published
As Wales prepares for the devolution of tax and borrowing powers, the Finance and Government Business Minister has yesterday published a Welsh Government Treasury paper setting out its purpose, principles and priorities for the taxes to be devolved.
The paper outlines the tax powers coming to Wales; how the Government is approaching the development of its tax policies; the principles for these taxes and the broader priorities for future devolution for Wales. It also sets out essential facts and figures about the taxes that will be devolved along with key forthcoming dates.
Finance Minister Jane Hutt said:
“As we prepare for the historic devolution of tax and borrowing powers as a result of the Silk Commission and the Wales Bill, I have been clear that the development of our tax policy must be based on firm principles. The devolution of tax 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. Borrowing powers will also enable us to fund our infrastructure across all sectors, helping businesses to grow in line with our Wales Infrastructure Investment Plan.
“This Welsh Treasury paper comprehensively sets out our approach to tax devolution and how we are – and will be – engaging with people and businesses. Balancing the need to maintain vital public services with the responsibility to manage our new taxation powers will be vital. That is why I am determined to ensure that everyone in Wales has the opportunity to contribute to the debate. I hope this paper will provide a wider understanding of the new powers and taxes that will help us deliver our economic and social goals for Wales.”
The Welsh Government is currently consulting on its White Paper ‘Collection and management of devolved taxes in Wales’ until 15 December 2014. Further White Papers – on a Welsh tax on transactions involving interests in land and on a Welsh tax on disposals to landfill – are expected in Spring 2015.
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