EDINBURGH – Scotland has approved new laws to establish its own tax system, and to begin independently collecting selected taxes.
On August 20th the parliament of Scotland voted on and unanimously approved the Revenue Scotland and Tax Powers Bill, paving the way for the establishment of Scotland’s own tax authority for the first time in 300 years.
The bill allows the Scottish government to establish Revenue Scotland, the tax authority which will be responsible for collecting and administering the new land and building transaction tax, and also the new landfill tax.
According to the Finance Secretary of Scotland John Swinney, the newly devolved tax powers are a “solid foundation” for Scotland to attain greater powers to set, collect and administer taxes in the future.
Revenue Customs will also be charged with clamping down on tax evasion in Scotland, with the Finance Minister claiming that Revenue Customs will be more effective than the HM Revenue and Customs at eliminating tax evasion in Scotland.
The new tax powers will come into effect on April 1st 2015.
Photo By: Bernt Rostad