Published in the Scottish Daily Mail & East Lothian News, ELCUA Chairman Tim Jackson criticises the SNP's Land & Buildings Transaction Tax.
"Last October, Finance Secretary John Swinney unveiled proposals for the Land and Buildings Transaction Tax (LBTT) to replace stamp duty in Scotland.
"Following criticism on account of its negative impact on aspiration and on an already fragile housing market, the Finance Secretary introduced revised proposals in April.
"Although an improvement, they were again criticised, as they were still a tax on aspiration, were higher than the stamp duty in the rest of the UK, would still adversely affect the housing market and would be likely to result in revenue shortfall.
"The critics have been proven correct. Sales, particularly at the high end of the property market, have fallen dramatically and, based on the first three months, a £50 million hole in the Scottish Government's finances is expected. Consequently, further adjustments by the Scottish Government to the LBTT rate bands are urgently required.
"Crucially, the SNP's handling of its first tax-raising powers demonstrates a simplistic grasp of taxation and, disturbingly, raises serious questions about its economic credibility and competence ahead of further powers, including income tax, being devolved shortly to Holyrood."