A FAIR TAX HALLMARK is to be trialled and potentially rolled out nationwide, assuring independent accreditation of responsible tax practices.
Midcounties Co-operative, Unity Trust Bank and The Phone Co-op have become the first businesses to bear the standard, which was developed by a team of tax justice campaigners and tax experts.
The mark shows that a company is “making a genuine effort to be open and transparent about its tax affairs and pays the right amount of corporation tax at the right time and in the right place”, the team claim.
Controversy has surrounded the tax affairs of multinational companies, with Google, Starbucks and Amazon attracting criticism over the shifting of profits to low-tax jurisdictions.
Labour MP and chair of the Public Accounts Committee Margaret Hodge (pictured), which investigated the tax affairs of those companies, said public outrage over the tax affairs of multinationals meant the mark would be welcomed.
“This is an issue the public really cares about. Given the choice, many people would prefer to give their custom to a responsible business that does the right thing and pays its fair share of tax,” Hodge said.
“The Fair Tax Mark helps give them the power to make that choice, and seeing customers vote with their feet is perhaps the most effective deterrent there is to companies engaging in tax avoidance or other irresponsible practices.”
Research also finds that 84% of businesses believe that the government has not provided enough information about digital tax plans
A total of £16bn was lost through tax fraud last year, according to estimates released by Pinsent Masons
Additional tax a result of compliance investigations by HMRC, but overall revenue falls
Firm expands East Anglian team with appointments to the audit practice and private client tax team