Fair Tax Foundation surpass investment raise target
Propelling us into the next phase of our ambitious growth plans for the Fair Tax Mark label
We are thrilled to announce that investors, both big and small, have responded passionately to the community share offer we launched in September, ensuring that the future is bright for the Fair Tax Foundation’s ambitious expansion plans and our mission to end the global race to the bottom on corporation tax.
Our original goal was to raise £450,000 of investment to expand our operations and amplify our impact fivefold, both in the UK and around the world. The response has been fantastic, with £495,000 of investment committed.* We are exhilarated to have surpassed our target and extend a massive thank you to all our supporters, old and new.
Our vision is to make the Fair Tax Mark label a household name, accrediting businesses of all sizes across the globe, so that the label becomes as synonymous with tax as Fairtrade is with ethical sourcing.
Already, 250 businesses are proudly flying the flag for fair tax, and we are deeply grateful for their pioneering leadership and continued support for the gold standard of responsible tax conduct. Our growth plans will ensure recognition and celebration of their exemplary tax conduct reaches new heights.
Fair Tax Foundation Chief Executive, Paul Monaghan, commented:
“We are delighted to have smashed our investment raise target and extend a hearty welcome to all our new investors. We’ve enjoyed a successful first ten years, with a decade of solid income growth and seven years of surplus – and 2024 is shaping up the same. The next ten years will be even more exciting as we level up and write the next chapter of the Fair Tax Foundation’s journey.
“We are especially appreciative of the support provided by Ethex over recent months, which have been an absolute pleasure to work with. Also, the substantial commitments made by Barrow Cadbury Trust, Joseph Rowntree Foundation, Friends Provident Foundation and Bayesian Shift – which turbo-charged our community share offer.
“Despite many hard-won victories and reforms over the past ten years, it is still the case that 35% of multinational profits (US$1trn) are artificially shifted to tax havens each year. This doesn’t just rob the public purse of funding for vital services such as transport and healthcare, it also distorts national economies, depresses productivity and undermines the ability of business to compete fairly.
“We passionately believe the more businesses that stand up for responsible tax conduct, the more likely legislators are to create better laws, and the more likely regulators are to implement those laws robustly. This new investment will allow us to scale up our business, expand our influence, bolster public coffers, and help steer the economy in a more enlightened direction at a time when instability is rife.”
The Fair Tax Foundation will use this new investment to create a new sales and business development team, broaden our product offering, expand our back-office and recruit and train new technical staff. More details will be coming soon, but please reach out to us in the meantime if this might be of interest.
*The offer formerly closed at 3pm UK time on 29 November 2024.
