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Paul Monaghan

Fair Tax Foundation statement on UK political developments and corporation tax increase (14th October 2022)

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Paul Monaghan. Chief Executive, Fair Tax Foundation, said: “We whole-heartedly welcome this U-Turn on corporation tax by the UK Government, which still leaves the UK with the lowest headline rate of corporation tax of the major economies of the G7 nations and the most generous “super deduction” capital allowance scheme in the world. The idea that turning the UK into a tax haven would quickly lead to a massive increase in investment by business was always fantasy island economics  – especially given the response of global markets and the ensuing rise in interest rates and the cost of borrowing. In…

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‘Corporate tax avoidance’ tops UK public’s list of concerns for 10th consecutive year, with disquiet at record high

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‘Corporate tax avoidance’ tops list of concerns, with disquiet at record high ‘Corporate tax avoidance’ has topped the UK public’s list of concerns for an astounding tenth consecutive year. Moreover, the level of disquiet is at a record high, with 47% citing it among their top three ethical concerns when questioned in May 2022 as part of the Institute for Business Ethics (IBE) annual survey. These findings are in line with our own recent Fair Tax Foundation polling, which found that: three quarters of respondents would rather shop with (74%) or work for (75%) businesses that can prove that they…

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Economic Crime Bills – once in a generation opportunity to drive dirty money out of the UK

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By Paul Monaghan Fair Tax Foundation, Chief Executive Email Paul It’s a sad truth that the UK has been a global hub for illicit financial flows for decades, but there is an opportunity for this to change with today’s announcement of a pair of Economic Crime Bills. What has become known as the ‘London Laundromat’ contributes to suffering across the world, but it also inflicts pain closer to home  – with the UK’s National Crime Agency estimating that hundreds of billions of ‘money laundering’ is flowing through the UK each year and that this costs the country more than £100…

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Call for UK to support G-24 emerging economy proposals at OECD

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The Fair Tax Foundation has co-ordinated the production of the following open letter to the UK’s Chancellor, Rishi Sunak – which has the support of numerous civil society groups, including the All-Party Parliamentary Group on Anti-Corruption and Responsible Tax, Tax Justice UK and Christian Aid. It calls on the UK to support the G-24 emerging economies in their request that the OECD’s forthcoming global tax deal (that will be discussed again on Friday, 8th October) will be improved, to the benefit of both developed and developing world countries. If this is not done then there is a real danger that…

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Silicon Six end the decade with $100 billion tax shortfall

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In December 2019, the Fair Tax Foundation undertook a forensic analysis of the tax conduct of the Silicon Six (Facebook, Apple, Amazon, Netflix, Google and Microsoft) and uncovered a $100 billion global tax gap over the decade to date (which was then, 2010-18/19). In May 2021, this analysis was repeated for the ten years 2011 to 2020 inclusive, and it was discovered that the $100 billion tax gap is as enormous as ever. There is still a significant difference between the cash taxes paid and both the expected headline rate of tax and, more significantly, the reported current tax provisions….

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Westmill Wind Farm and Westmill Solar become first community energy co-operatives to secure Fair Tax Mark

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Oxfordshire-based Westmill Wind Farm and Westmill Solar Farm have today (10th November) secured their first Fair Tax Mark certifications, and join the growing movement of responsible businesses who are proud to ‘say what they pay with pride’. The two renewable energy co-operatives are co-located on agricultural land in Oxfordshire and pursued Fair Tax Mark certification in parallel. Westmill Wind Farm was the first 100% community owned onshore wind farm to be built in the south of England. Its five turbines came online in 2008 and produce low-carbon electricity equivalent to that used by over 2,500 households per annum. Westmill Solar…

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We need a Fair Tax Lockdown on bailouts

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The UK Government, like many across the world, is making available unprecedented financial support for businesses and workers impacted by the Covid-19 economic lockdown. This is right and proper given the economic lockdown is being undertaken to lessen the impact of Covid-19 on society; in particular, in protection of the elderly and those with existing health conditions. The package of support includes: a Coronavirus Job Retention Scheme deferring VAT and Self-Assessment payments a Self-employment Income Support Scheme a Statutory Sick Pay relief package for small and medium sized businesses (SMEs) a 12-month business rates holiday for all retail, hospitality, leisure…

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Responsible tax strategy and improved reporting earns Capita first Fair Tax Mark

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Capita has today secured Fair Tax Mark certification and joins the growing movement of responsible businesses who are proud to say what they pay with pride. The Fair Tax Mark is an independent certification scheme, which recognises organisations that demonstrate they are paying the right amount of corporation tax in the right place, at the right time. In total, more than 50 businesses have now been certified. These include national brands such as Timpson, Lush, and Richer Sounds, FTSE listed companies including SSE and Marshalls Plc., as well as co-operatives, family businesses and social enterprises. As part of the accreditation…

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Fair Tax Week 2020 announced – celebrating business who ‘say what they pay with pride’

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The Fair Tax Mark scheme, which accredits businesses and organisations across the UK committed to paying the right amount of corporation tax, on time and in the right place, is pleased to announce that Fair Tax Week 2020 will run from the 13th – 21st June 2020, incorporating Tax Justice Sunday on the 14th June. Fair Tax Week 2020 will be co-sponsored by Leeds Building Society, Pennon Group Plc and Richer Sounds. Fair Tax Week is a UK-wide celebration of the companies and organisations that are proud to pay their fair share of corporation tax; those who commit to following…

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Chris Harrop OBE joins Fair Tax Mark board

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We are delighted to announce that Chris Harrop OBE has joined the Fair Tax Mark’s board of directors. Chris Harrop is Sustainability Director at FTSE-listed Marshalls plc. An accomplished marketer with a proven global track record, Chris’ persistent contribution has ensured that Marshalls not only leads the hard landscaping sector but is also a world-class sustainable business. Under Chris’ guidance, the business has won numerous awards for commitment to the environment and supply chain ethics, including Business in the Community Awards for Excellence and the PLC Awards on three occasions. Chris was Chairman of the United Nations Global Compact UK…

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