Scottish Water has today (14 December) secured its first Fair Tax Mark certification, joining the growing movement of progressive businesses who are proud to say what they pay with pride.
The utility provider has met the Fair Tax Mark’s tasking criteria and demonstrates its commitment to responsible tax conduct and transparency.
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, 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 process, Scottish Water has supplemented their existing financial reporting with a new numerical tax reconciliation and a detailed accompanying narrative that clearly explains the elements of the tax calculation and why they have occurred. The additional tax reconciliation takes them above and beyond basic UK reporting requirements and further demonstrates that Scottish Water is a leader of responsible tax conduct.
Douglas Millican, Scottish Water Chief Executive, said: “Our service provides the foundation to daily life across the country to millions of people and we’re committed to providing high quality services at all times.
“These benchmarking results show Scottish Water is an organisation which takes seriously its responsibilities to operate ethically, fairly and transparently. These principles sit at the heart of what we do and how we do it.”
Paul Monaghan, Chief Executive, Fair Tax Mark, said: “We are delighted to announce that Scottish Water has joined the Fair Tax movement, and are proudly saying what they pay. Their certification means that customers, suppliers and staff can clearly see they have a transparent and responsible approach to tax. 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. In these challenging times, just think of the nurses, doctors and teachers we could employ if that tax was paid as it should be?”