The creation of a stable, cost-competitive fiscal environment is central to business growth.
At a time when economic recovery is still in the early stages, more needs to be done to promote business growth and to ensure that taxes are kept within manageable levels. Following the 2014 independence referendum, Scotland stands at a key juncture. With a developing balance of fiscal powers between London and Edinburgh, there exists a real opportunity to make a positive difference for the business community. Key to the debate are business rates, which have increased by 35% between 2010-11 and 2015-16 and continue to be one of the highest business costs after staffing.
Taxation of our oil and gas industry must also be pitched at a level which will facilitate the long term sustainability of the sector in Scotland, including a simplification and rationalisation of allowances, incentivised investment in existing fields, encouragement for exploration investment by operators and the avoidance of any changes which add complexity to the fiscal regime.
