Responding to today’s Scottish Budget outlined by the Finance Minister, Head of ACCA Scotland Craig Vickery says,
‘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.’
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