– Eurocell plc become latest London Stock Exchange listed business to secure Fair Tax Mark accreditation
Eurocell, the UK’s leading manufacturer, distributor and recycler of UPVC window, door, conservatory and roofline systems, has been certified as an accredited Fair Tax Mark business, following their successful assessment against the Fair Tax Mark criteria.
Derbyshire-headquartered Eurocell is the sixth listed business to achieve the Fair Tax Mark, and join FTSE 100 listed SSE and United Utilities, as well as FTSE 250 listed Pennon Group, Marshalls and Go Ahead. They sit alongside Fair Tax Mark certified high-street names like The Co-op, Richer Sounds, Timpson Group and Lush.
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.
As part of the Fair Tax Mark accreditation process, Eurocell has supplemented its most recent Report and Accounts with an interim Tax Policy Statement, which will be incorporated into its Annual Report in future years. The Statement newly highlights how Eurocell rejects the use of tax havens for tax avoidance purposes, and confirms annual policy compliance. Eurocell now also provides more detailed information about their operations in the Republic of Ireland.
Paul Monaghan, Chief Executive, Fair Tax Mark said: “We are pleased to announce the Fair Tax Mark certification of Eurocell, the latest London Stock Exchange business to achieve the standard.
“Eurocell is a large market-leading business, manufacturing, distributing and recycling UPVC windows and doors. They have an extensive network of branches and customers, from house builders to small businesses and installers. We’re delighted that they are showing leadership on tax transparency. Now their suppliers and customers will know that they meet the rigorous, independent standards set by the Fair Tax Mark.”
Earlier this month the Fair Tax Mark released new polling data that showed record levels of concern among the public about the use of tax avoidance practices by business in the UK. Over three quarters of people responded that they would rather shop with (77%) or work for (78%) a business that can prove it is paying its fair share of tax – in both cases, up eight percentage points on 2018. An increasing number also said that it was important to celebrate businesses who can demonstrate good tax conduct and shun the artificial use of tax havens and contrived tax avoidance practices, up six percentage points on 2018, to 75%.
Duncan Longson, Eurocell’s Group Financial Controller, said: “We’re delighted to have achieved the Fair Tax Mark certification, demonstrating our commitment to tax transparency. Eurocell recognises the responsibility it has to our stakeholders and communities to set the highest standards of corporate conduct, and paying the right amount of tax in the right place is fundamental to this.
“Being able to measure ourselves against an independent benchmark, like the Fair Tax Mark, allows us to continually improve the quality of information that we provide to our investors, employees, suppliers and customers, and assists us in creating a fair and successful business environment.”
Paul Monaghan continued: “Paying the right amount of tax is about fairness. Far too often tax is presented as a burden, rather than an essential component that helps glue our society together.
“It is estimated that annually, due to corporate profits being shifted to tax havens, corporate tax revenue losses in the UK amount to at least £7bn. Just think of the nurses, doctors and teachers we could employ, or the renewable energy infrastructure we could build if that tax was paid as it should be? That’s why it’s so important we celebrate those responsible businesses like Eurocell who are doing the right thing when it comes to tax.”