World Economy

Scotland Warned of Tax Rise

Scotland Warned of Tax RiseScotland Warned of Tax Rise

Business leaders are warning that Increasing income tax in Scotland risks creating a “chasm’’ between north and south of the border which could make the country less competitive, SNA reported. Ahead of the Scottish budget next month, CBI Scotland, a non-profit organization based in Glasgow, said that with the economy “remaining fragile’’, it would “make it more difficult for our businesses’’ if income tax and business rates were hiked up to higher levels than in the rest of the UK. Finance Secretary Derek Mackay will set out his proposals at Holyrood on December 14—with many expecting he will increase income tax charges for middle and higher earners. But in a submission to the Scottish government, business leaders at CBI Scotland stressed the need to “ensure parity of income tax and business rates regimes with the rest of the UK’’, saying this would help support consumer spending and also help companies to attract and retain the best talent.

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