The Scottish Fiscal Commission () is a non-ministerial office. It was established by the

Scottish Parliament The Scottish Parliament ( ; ) is the Devolution in the United Kingdom, devolved, unicameral legislature of Scotland. It is located in the Holyrood, Edinburgh, Holyrood area of Edinburgh, and is frequently referred to by the metonym 'Holyrood'. ...

to provide independent forecasts of

taxes A tax is a mandatory financial charge or levy imposed on an individual or legal entity by a governmental organization to support government spending and public expenditures collectively or to regulate and reduce negative externalities. Tax co ...

and

social security Welfare spending is a type of government support intended to ensure that members of a society can meet basic human needs such as food and shelter. Social security may either be synonymous with welfare, or refer specifically to social insurance ...

expenditure, and

GDP Gross domestic product (GDP) is a monetary measure of the total market value of all the final goods and services produced and rendered in a specific time period by a country or countries. GDP is often used to measure the economic performance o ...

forecasts, to help inform the government's

budget A budget is a calculation plan, usually but not always financial plan, financial, for a defined accounting period, period, often one year or a month. A budget may include anticipated sales volumes and revenues, resource quantities including tim ...

and its scrutiny by parliament. It was formally created in June 2014, but moved to become a statutory body following the Scottish Fiscal Commission Act 2016. The commission is currently headed by Professor Graeme Roy.

Remit

The Scottish Fiscal Commission was established as a non-ministerial office on 1 April 2017, and is structurally and operationally independent of the Scottish Government. Its Commissioners are directly accountable to the Scottish Parliament. It publishes two sets of five-year forecasts a year in line with the Scottish budget process. It also publishes evaluations of its forecasts and working papers on related subjects. Its five-year forecasts cover Scotland's: *

Income Tax An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Tax ...

Land and Buildings Transaction Tax Land and Buildings Transaction Tax (LBTT) is a property tax in Scotland. It replaced the Stamp Duty Land Tax from 1 April 2015. LBTT is a tax applied to residential and commercial land and buildings transactions (including commercial purchases ...

* Non-Domestic Rates * Scottish Landfill Tax * Revenue from assigned VAT *Devolved social security expenditure *Onshore

Gross Domestic Product Gross domestic product (GDP) is a monetary measure of the total market value of all the final goods and services produced and rendered in a specific time period by a country or countries. GDP is often used to measure the economic performanc ...

It also assesses the reasonableness of Scottish Ministers' borrowing projections

Members

The Scottish Fiscal Commission currently comprises three members, who are nominated for appointment by the Cabinet Secretary for Finance, Constitution and Economy. The nominations are considered by the Finance Committee of the

, which then reports on the nominations to the Parliament as a whole. Parliament then decides whether or not to approve the nominations. The current members of the Scottish Fiscal Commission are: * Professor Graeme Roy *Professor Frances Breedon *Professor David Ulph *Dr Domenico Lombardi

References

External links

*
Scottish Fiscal Commission - What We Do
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Open Government Licence v2.0
© Crown copyright. {{Authority control Economy of Scotland Non-ministerial departments of the Scottish Government 2014 establishments in Scotland Taxation in Scotland Government agencies established in 2014 Economic forecasting Statistical forecasting Forecasting organizations

Remit

Members

See also

References

External links