Finance Minister Conor Murphy has launched a public consultation on the possible devolution of taxation powers - JP_Biz
Northern Ireland's finance minister has launched a public consultation on the possible devolution of taxation powers.
Currently, the only significant revenue raising undertaken by Stormont is regional rates, a property tax paid by households and businesses.However that legislation also included a "commencement clause" meaning the Treasury first needs to be satisfied the Northern Ireland Executive's finances are on a sustainable footing.
He added that while it will be for an incoming finance minister to bring recommendations to a restored executive, it is "important that the public has its say".Finance Minister Conor Murphy said it was important the public has a say on the issue It added that concerns were expressed over the executive's stability, as well as its capacity to reach coherent and consistent policy decisions.Others felt that devolving additional tax powers could help to build capacity and improve stability.The commission said income tax powers could be devolved to Northern Ireland by 2027 if there is political agreement and will to do so.
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