In brief: 16 January 2025

Economic forecast

The Office for Budget Responsibility has been commissioned for an economic and fiscal forecast which will be published on 26 March 2025. This will be accompanied by a statement to parliament from the chancellor who confirmed that she remains committed to one major fiscal event a year.

tinyurl.com/hmtobrforecast

Fair tax mark

Spanish multinational company Repsol has been awarded the Fair Tax Mark. It is the largest business to have become accredited as well as the largest tax contributor paying a total tax contribution of €15 112m in 23 countries in 2023.

tinyurl.com/ftmrepsol

VAT reform prize

In 2024 ICAEW called for the submission of research proposals addressing how the UK’s VAT system can be reformed to make it fit for the 2030s. First prize was awarded to Cheryl Ong Sze Teen Wong and Anna Poh who won £5 000. Their paper...