Tax Act a ‘significant step’

ECONOMY Secretary Ken Skates welcomed news that the Business Wales Accelerated Growth programme has passed the 1,000-job creation milestone, writes public affairs consultancy Deryn .

The programme, which offers a bespoke package to support business in growing faster, has helped participating companies attract £21.4m of private sector investment and generated £8.3m worth of exports.

The Land Transaction Tax and Antiavoidance of Devolved Taxes (Wales) Bill received Royal Assent to become the first Act of the Fifth Assembly term. Land transaction tax will replace stamp duty land tax in Wales when it is devolved in April 2018.

First Minister Carwyn Jones described the Act as a significant step in Wales’ devolution journey. It will be the first time in almost 800 years that Wakes will have its own taxes.

The Welsh Government has invested £752,000 on key site preparation works to enable Charlies Stores to build a new headquarters and e-commerce fulfilment centre on Offa’s Dyke Business Park in Welshpool. Charlies Stories, one of Wales’ largest independent retailers, has seen an 80% growth in online sales year-on-year.

The Welsh Government also highlighted the success of Zip-Clip, a mid-Wales company whose growth is being driven by global exports to 23 countries. The company’s international growth plans were outlined by its CEO at the official launch of its new £1.8m facility at Offa’s Dyke Business Park in Welshpool

Meanwhile Plaid Cymru published its Positive Post-Brexit Plan which includes five pledges on introducing a foreign trade shield, new financial levers, a Buy Welsh procurement initiative, a new deal on regional and agricultural funding and a new Welsh Migration Service.