The internationalisation of the Fair Tax Mark moved a step closer with the release of proposals that would form the basis of the Fair Tax certification of businesses that have their ultimate holding company situated outside of the UK.
Responding to the needs and demands of civil society, regulators, investors and municipalities around the world, the Fair Tax Mark intends to expand and offer certification across the world – not least to counter the low-bar programmes of unscrupulous accounting and auditing entities.
The move follows a number of Fair Tax Mark certification enquiries from businesses around the globe – all with a desire to demonstrate that they pay the right amount of tax in the right place at the right time.
Public consultation seeks widespread input on standards
To help shape the proposed emerging global standards, the Fair Tax Mark is seeking responses to its public consultation on the core requirements of the standards – ‘The Essential Elements of Global Corporate Standards for Responsible Tax Conduct’ – which tracks and analyses the many responsible tax initiatives that are now in play across the world.
Analysis is centred on corporate income tax and related measures designed to tackle its avoidance.
Fair Tax Mark, Chief Executive, Paul Monaghan said: “There’s never been a more important time for us to go international, but we know we can’t do it alone.”
“While we’ve done work to scope many responsible tax initiatives at play around the world, there are likely gaps that we need filling – particularly outside of Europe – to enable us to draw fully informed and robust conclusions.”
“By inviting vital comment on our analysis can we develop an International Fair Tax Mark that will play a pivotal role in advancing the pursuit of tax justice around the world.”
To download the report and proposals and respond to the International Fair Tax Mark consultation, visit https://fairtaxmark.net/consultation-on-global-corporate-standards-for-responsible-tax-conduct/
Respondents completing the consultation questionnaire will also be invited to contribute further through a series of webinars in August.
The deadline for responses is 31st August 2020.