Rises in VAT could form a core part of the chancellor's medium-term plans as he looks to balance the Treasury's battered books.
Human Resources magazine predicted that Alistair Darling may be forced into a VAT and tax rise gamble.
Its panel of experts suggested the chancellor will be "playing his cards close to his chest" because an increase in taxes could lead to pressure on employers to boost pay rates for employees.
Chris Young, head of tax at Ernst & Young, said the return of the VAT rate to 17.5 per cent may be deferred a further six months should the state of the economy not improve.
He indicated that should the UK follow advice from the OECD, it would mean the chancellor could increase VAT to 20 per cent instead of returning to the 17.5 per cent rate.
Bill Dodwell, head of tax policy at Deloitte, suggested the chancellor may consider an increase in VAT to 18 per cent, despite rejecting the same move last autumn.
Dods Parliamentary Communications Ltd