Details of how the Stormont Executive intends to raise more revenue could be included in a fiscal sustainability plan which is expected to be published by the finance minister on Thursday.That includes examining options for efficiencies, revenue generation and borrowing powers.
The executive has committed to raising £113m of additional revenue by the start of the 2025 financial year, though that is expected to be largely covered by the normal annual increase in rates.Rates are a property tax and the main way by which Stormont can raise additional revenue. signalled she was set to propose additional measures which would mean higher rates bills for some households or businesses.
The minister said she wanted to "build a progressive rates system which grows our tax base and stimulates our economy".Her department has published responses to a rates consultation which was started by the government while devolution was suspended.Rates are based on property values and the rateable value of houses is currently capped.That means that large homes in more affluent areas of north Down, for example, currently pay the same rates as much more modest detached houses.
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