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

By February 18, 2020News

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 both the spirit and the letter of the law, creating a level playing field for business and making a positive contribution to society.

More than fifty businesses including FTSE-listed PLCs, co-operatives, social enterprises and large private business – that between them have over 7,000 offices and outlets, have achieved Fair Tax Mark certification since its launch in February 2014. At the heart of the scheme is an expectation that businesses commit to exemplar corporate tax behaviour with transparent reporting, shunning the use of tax havens and paying their fair share of corporation tax.

Paul Monaghan, Chief Executive, Fair Tax Mark, said: “More and more businesses are telling us that they want everyone to know they are proud to pay their taxes. For many in business paying their fair share of corporation tax is a sign of success and a demonstrable way to contribute to the shared public services we all rely on – from education, health and social care, to flood defence, roads and policing.

“They tell us that being a responsible business, following the spirit and the letter of the law, is not only the right thing to do, but what their customers and staff expect. Too often we see headlines about big organisations minimising how much tax they pay by creating complex tax avoidance systems and exploiting loopholes. Fair Tax Week is an opportunity to celebrate the business leaders championing a different, responsible, way to do business. We’re delighted that Fair Tax Week 2020 is being co-sponsored by Leeds Building Society, Pennon Group Plc and Richer Sounds.”

It is estimated that £400bn of global corporate profits are shifted annually to tax havens, with corporate tax revenue losses in the UK of approximately £7bn per annum.

Susan Davy, CFO, Pennon Group Plc. said: “Fair Tax Week is a great opportunity to reinforce the message that paying the right amount of tax in an open and transparent way is not only the right thing to do, but also what customers want. Pennon is delighted to be a sponsor for Fair Tax Week 2020 as we believe that being a responsible business is about sharing success and playing a positive role in the communities you serve, and that paying tax fairly is one of the biggest contributions a business can make.”

During Fair Tax Week 2019, the Fair Tax Mark released polling data from ICM 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%.

Richard Fearon, Chief Executive Officer of Leeds Building Society, said: “Our members have told us a fair and transparent approach to tax is as important to them as it is to us, so we were delighted to become the first national high street financial services provider to secure the Fair Tax Mark. This gives independent validation of our commitment to do what’s right for our members, colleagues and communities – paying our fair share of tax is one of the principal ways we contribute to society, helping to fund the public services we all rely on. We’re proud to be supporting Fair Tax Week and sharing our approach to tax with other responsible businesses.”

Fair Tax Week will be supported by a dedicated online platform that will detail Fair Tax activities across the UK, including a marquee event in London to launch the week. Businesses and supporting organisations will be running events during the week, which will be promoted on the Fair Tax Week website.

Julian Richer, Founder and Managing Director, Richer Sounds said: “Richer Sounds is proud to pay the tax it owes. It’s only fair that businesses contribute to the infrastructure that enables us to operate, from the roads, which transport our goods, to the NHS for keeping our team healthy, the police that protect our property and the schools that educate our people. As a Fair Tax Mark certified business I know that we’re benchmarking our tax conduct against a robust, independent standard. It’s about fairness. Businesses should pay their way and compete on a level-playing field.”

Further details at https://fairtaxmark.net/fair-tax-week-2020/