An independent
Scottish Fiscal Commission to scrutinise government forecasts of tax receipts
is to be established, Finance Secretary John Swinney will announce today (May
7).
When giving
evidence to the Scottish Parliament Finance Committee, the Cabinet Secretary
will outline his plans to appoint expert commissioners to scrutinise Scottish
Government tax revenue forecasts for the two new Scottish taxes, which have
been legislated for under powers devolved by the Scotland Act 2012: Land and
Buildings Transaction Tax and Scottish Landfill Tax.
The Commission
will also have a role in scrutinising the economic factors which underpin
forecast receipts from non-domestic rates.
The Scottish
Fiscal Commission will come into operation this summer and provide assurance
over tax forecasts ahead of the introduction of the 2015-16 Draft Scottish
Budget in the autumn.
Mr Swinney will
invite the Scottish Parliament to approve his proposed appointments to the
independent Commission over the coming weeks.
Speaking ahead of
the Finance Committee, Mr Swinney said:
“The
creation of a Scottish Fiscal Commission is another important milestone in the
journey to enhance Scotland’s fiscal powers.
“There is
widespread international recognition that independent fiscal commissions play a
vital role within a country’s fiscal framework, and from this summer
Scotland will have its own Commission to support the exercise of the tax powers
devolved under the Scotland Act 2012.
“The
Scottish Fiscal Commission will strengthen the credibility of the Scottish
Government’s tax forecasts and provide the Parliament and the public with
assurance over the reasonableness and integrity of the forecasts which appear
in our budget documents from this autumn.
“It is
essential to the effectiveness of the Commission that it is independent of the
Scottish Government, and is seen to be so, and I very much welcome the role
which the Scottish Parliament will play in appointing members to the
Commission.”