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Wales could take on partial responsibility for setting income tax rates from April 2019 after agreeing a "fair level" of long term UK funding for the nation.
Mark Drakeford, the Welsh Government's Cabinent Secretary for Finance and Local Government, said the agreement "ensures fair funding for Wales for the long term."
The new tax powers will enable the Welsh Government to raise or lower income tax rates by as much as 10 percent, compared with UK rates, uniformly across each band, without holding a referendum.
The agreement with the UK enables Wales to set its own policy also on stamp duty land tax and landfill tax.
"This package of measures paves the way for partial income tax devolution in Wales," said Drakeford. "But crucially it protects our budget from the range of undue risks that could arise following the devolution of tax powers from 2018 and provides additional flexibility to manage our resources."
The Welsh Assembly will decide on the devolution proposals in early 2017.
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