A "radical review" of English business rates has been launched aimed at levelling the playing field between those hit by the annual property tax and online companies.
Chief Secretary to the Treasury Danny Alexander pointed out the current system had been created nearly three decades ago, during which time the world of business had "changed beyond recognition".
He also acknowledged business rates "are a considerable cost" and wanted to ensure the system is "fair, efficient and effective".
The move comes amid further evidence the High Street is continuing to struggle in the face of online sales and changing consumer habits with a three-fold increase in the number of shops lost last year.
The Treasury review, which will report back by next year's budget, follows the commitment made by Chancellor George Osborne in last year's autumn statement that the tax would be revamped.
Launching the review, Mr Alexander told Sky News; "For small businesses especially the retail environment has changed a lot in the last 30 years since business rates were first invented. There's more competition online for example.
"But also we have seen through the recent economic difficulties, the business rates system has not responded to the economic cycle, actually in some cases it has made it worse."
He added: "I've been impressed by the representations made by the business community and I know that business rates are a considerable cost.
"This government has taken measures to help businesses by capping rates and introducing reliefs for smaller businesses.
"But now the time has come for a radical review of this important tax. We want to ensure the business rates system is fair, efficient and effective."
Measures being introduced next month will see small business rate relief doubled for a further year, and business rates discounts for smaller retail premises increased.
The current business rates system was introduced in 1990 and covers around 1.8 million non-domestic properties, including shops, offices and factories.
The tax raised £20.5bn in 2013/14.
But Labour's Shabana Mahmood said: "Britain's businesses need more than just a re-announced review.
"Labour will take immediate action by cutting and then freezing business rates for 1.5 million small business properties.
"We will also devolve to city and county regions 100% of the additional business rates revenue generate by growth."
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