Most Oil and Gas chiefs expect independent Scotland to cut corporation tax

Ernst & Young oil  and gas taxation report
Ernst & Young oil and gas taxation report

Most oil and gas business leaders expect an independent Scots government to cut corporation tax to boosts jobs and investment.

According to the Grasping The Thistle report, the latest in a series of business forecasts from business advisory group Ernst & Young:

  • More  than half (54%) of  business leaders support lowering corporate tax rates to stimulate investment, emphasising setting sustainable, rather than significantly lower rates.
  •  If a Scottish Government had the ability to change corporate tax rates in the future, just under half believe it would reduce them, with 18% saying it  would maintain them. Fewer than a third of business chiefs expect corporate tax to rise.
  • Respondents overwhelmingly believe a reduction in corporate tax rates would attract  increased, sustained investment from international business into Scotland
  • And two thirds felt implementation of a reduced corporate tax rate should be phased rather than immediate, with 76% saying it should be applicable to  all companies, not just those in certain sectors or regions.

Jim Bishop, Ernst & Young’s Senior Partner, Scotland, said; “We asked just under 200 senior business leaders about their expectations, hopes and concerns in the key areas of corporate tax and investment.

Our new discussion paper urges the Scottish Government to present the country’s businesses with a clear current and future tax implementation strategy.”

 

 

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