Devolution of Corporation Tax
Conference recognises the growing need for Scotland to have more fiscal levers, with the cost-of-living crisis and the current economic climate making this more urgent than ever before.
Conference notes that Brexit and the Conservatives’ mismanagement of the economy have damaged Scotland’s growth and productivity; acknowledges that legislation devolving corporation tax to Northern Ireland passed through the UK parliament some years ago; and agrees that Scotland should have that same fiscal power at its disposal to undo the mistakes of the Westminster.
Conference therefore calls upon the Scottish Government to engage constructively with present and future UK governments to secure this same devolution of corporation tax as a matter of priority.
Furthermore, Conference acknowledges the need for tax fairness with respect to the profits made by multinational corporations and agrees that they should pay their fair share via implementation of a “Google tax.”
Conference calls on the Scottish Government to introduce a specific corporation tax band for diverted profits. Conference also calls for a review of all deductions and loopholes contained within the corporation tax to maximise the principles of tax fairness and to reduce income inequality.