Tax powers 'could help industry' claim
NEW tax-raising powers for Wales have the potential to benefit the building industry, provided the tax rates are set at the same or lower than those in England, according to the Federation of Master Builders (FMB) Wales.
The claim follows the findings of the Silk Commission, which recommended tax-varying powers for Wales.
Richard Jenkins, director of FMB Wales, said: "Devolving some tax raising powers to the Welsh Government has the potential to help encourage politicians to focus more on supporting businesses in Wales.
"However, any increase in tax rates over and beyond could be detrimental to the growth of the Welsh economy which is why the new power would need to be exercised with caution."
The report says before any referendum on taxation powers takes place, some smaller taxes should be devolved first. These include stamp duty paid by house buyers, a duty on long haul flights and the levy faced by businesses that quarry sand, gravel and rock.