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Alderney politicians will now be able to set their own levels of property tax, import duties and occupier's rates.
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Politicians say Alderney's faltering economy will be improved by new changes made to its financial relationship with Guernsey.
Major changes to the way public services in Alderney are funded have been approved by the States today.
The proposals were accepted unanimously.
Major changes to the way public services in Alderney are funded have been approved by Guernsey’s States today.
The changes to the financial relationship between Guernsey and Alderney were accepted unanimously by politicians.
Ministers in Guernsey say they hope the changes will aid Alderney's faltering economy.
Levies like property tax, occupier’s rates and import duties, which are collected in Alderney, will all fund public services in the island, under the plans.
The changes will modify the financial responsibilities arising from the 1948 Agreement, which the States of Guernsey and Alderney have been adhering to since it was signed.
Latest ITV News reports
Major changes to how Alderney's finances are run are being described as a 'lifeline' for the island's economy
Taxes in Alderney could be used to fund public services within the island, like roads and coastal defences.