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The Scottish Fiscal Commission (Modification of Functions) Regulations 2018
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This is a draft item of legislation. This draft has since been made as a Scottish Statutory Instrument: The Scottish Fiscal Commission (Modification of Functions) Regulations 2018 No. 213
EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations expand the functions of the Scottish Fiscal Commission (“the Commission”) to allow the Commission to forecast assigned VAT receipts payable under section 64A of the Scotland Act 1998. They also remove the requirement for the Commission to prepare a report for introduction of the Budget Bill. There is a new requirement to publish a report to support the preparation by the Scottish Government of a medium term financial outlook. The medium term financial outlook is the Scottish Government’s rolling 5-year financial outlook document informed by 5-year forecasts.
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