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We believe that businesses that pay their taxes willingly, fairly and transparently should be celebrated and rewarded.
The focus of the Fair Tax Foundation’s consideration is corporate income tax. Businesses are subjected to many different types of tax, but corporation tax has an importance way beyond the revenues it raises. As argued by the Tax Justice Network: “It holds the whole tax system together. It curbs political and economic inequalities and helps rebalance distorted economies.”
There are a thousand and one issues out there that business is being asked to champion – on top of the day-to-day challenge of thriving commercially in an ever more competitive world. Approaches and acronyms abound, be it ESG or CSR or SRI or SDGs, with each urging that a business prioritise their favoured issues.
So, why should a business prioritise responsible tax conduct and tax transparency, and pursue Fair Tax Mark accreditation?
The terrible Russian invasion of Ukraine laid bare the extent of the UK’s exposure to illicit finance, prompting concerted counter efforts by parliamentarians. This week, a welcome second Economic Crime Bill edges closer to being finalised, but substantial loopholes are in danger of being left unaddressed unless amendments – backed by leading anti-corruption and tax justice groups – are accepted.
The advance of tax transparency was never going to be quick and smooth. But it is slowly but surely grinding forward, with increasing legal requirements emerging across many parts of the globe. At the Fair Tax Foundation, we believe that comprehensively implemented public Country-by-Country Reporting (pCbCR) significantly enhances the ability of stakeholders across the world to form an informed opinion as to whether a business is paying the right amount of tax, in the right place and at the right time.
