The claim follows a long-held desire by Welsh ministers to have the powers to be able to raise funds for a variety of major infrastructure schemes such as hospitals and roads.
Currently, Welsh Assembly members are looking to wrest control from the UK Parliament of stamp duty land tax air and passenger duty.
Gerald Holtham, an adviser to Welsh Finance Minister on strategic infrastructure investment and a visiting professor at Cardiff Business School, told BBC Wales: 'The Treasury's position up until now has been that it wants to concede borrowing powers only if and when Wales takes income tax powers.
'The Welsh government's position is that we should have borrowing powers commensurate with our revenue, whatever tax we get that's raising that revenue.
'These would be small taxes so the borrowing powers wouldn't be that great, but still, that's the principle.
'But the Treasury's trying to hold out and saying that you only get borrowing powers when you get income tax.
There's an ongoing discussion as I understand it'
A referendum is needed before income tax powers were devolved to Wales.
The spat has moved up a gear after Welsh First Minister Carwyn Jones stating that a proposed new £1bn relief road for the congested M4 motorway around Newport would be unaffordable without new borrowing powers.
In July the government announced it would consult on proposals to devolve responsibility for Stamp Duty Land Tax (SDLT) to the National Assembly for Wales.
The move was in response to last November's report by the Commission on Devolution in Wales (Silk Commission) which made a total of 33 recommendations on options for devolving fiscal powers and improving the financial accountability of the Welsh Assembly.
The government says the consultation will be short and will be asking particularly for feedback from businesses, as handing over responsibility for SDLT to the Welsh Assembly has significant implications for the construction industry and housing market.
Estimates suggest devolving responsibility for SDLT to the Welsh Assembly would produce an income stream of around £200m a year. '