‘While the tax announcements are making headlines, this is a budget that backs Scotland’s business and will help grow the economy . With the new tax revenue powers, Scotland needs to better or match economic growth elsewhere in the UK to offset future reductions in the block grant.
‘Substantial investments in skills, infrastructure and broadband connectivity are positive signs that the Scottish government are looking to tackle the productivity puzzle which, like the rest of UK, lags behind European economies.
‘Yet with the decline of the oil sector as well as the impact Brexit uncertainty is having on business confidence, these measures should be seen as the start of a long journey.’
Yet ACCA Head of Tax Chas Roy-Chowdhury says,
‘While increased tax thresholds will be welcome to many, it is a risky strategy to further complicate the tax system. The Scottish economy needs to attract talent and investment from the rest of the UK and globally to thrive and remain competitive.
'Simplifying the tax system is as much value to businesses and individuals as direct financial support, as it reduces administrative burden and assosciated costs. Holyrood must resist the temptation to continue to tinker with the tax system and create further deviation from the rest of the UK.’
- ends -
For media enquiries, contact:
T: +44 (0)20 7059 5019
M: + 44 (0)7540919819
ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
ACCA supports its 200,000 members and 486,000 students in 180 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 101 offices and centres and more than 7,200 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.
ACCA is currently introducing major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally.
Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability.