Cryptic crossword clue
Minister’s first job? To cut Iceland’s taxes 7

The most common and most likely answer to this crossword clue is the 7 letter word IMPOSTS

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I
M
P
O
S
T
S

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The cryptic/wordplay part
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This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
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What does IMPOSTS mean?

IMPOSTS noun
  1. A tax, tariff or duty that is imposed, especially on merchandise.
  2. The weight that must be carried by a horse in a race, the handicap.
IMPOSTS noun
  1. The top part of a column, pillar, pier, wall, etc. that supports an arch.

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