London-based technology company Yoti has become an accredited Fair Tax Mark business, following its successful review against the Fair Tax Mark criteria.
Founded in 2014, Yoti is on a mission to become the world’s trusted identity platform. The free Yoti app transforms paper ID documents into a secure digital identity, giving individuals an easier and more secure way to prove who they are, online and in person.
For businesses, Yot’s global identity platform gives them a simple and secure way to verify the age and identity of their customers.
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; have a transparent tax policy at the heart of their business; and are committed to following both the spirit and the letter of the law.
Paul Monaghan, Chief Executive, Fair Tax Mark said: “We are pleased to announce the Fair Tax Mark certification of Yoti.
“Yoti is taking corporate responsibility around tax transparency seriously and has made a commitment to not use tax havens or shift profits for tax avoidance purposes, instead commiting to paying the tax it owes at the right time, and in the right place.”
Businesses like Yoti are demonstrating their corporate, transparent position on tax. All businesses accredited by the Fair Tax Mark are annually reviewed to ensure continued compliance.
Robin Tombs, CEO, Yoti said: “We believe paying corporate taxes is an important contribution to wider society rather than simply a cost to be minimised. Whilst many businesses pay the ‘right’ taxes, there is a concern, often fuelled by some high profile companies paying low corporate taxes, that businesses are not a force for good in society. At Yoti we have a set of principles and independent Guardians to help us to operate in the right way. This includes being honest and accountable, seeking to do the right thing and being transparent in what we are doing and why.
“We believe the Fair Tax Mark helps show anyone using Yoti, working for the team or doing business with us, that we are committed to transparent and fair tax practices, including paying the right amount of tax, at the right time and in the right place.”
In becoming a Fair Tax Mark business, Yoti joins other accredited organisations including Lush, Timpson Group, SSE and the Co-operative Group.
Paul Monaghan continues: “It is estimated that €600bn of corporate profits are shifted annually to tax havens, with corporate tax revenue losses globally of €200bn per year – which equates to approximately £7bn of missing revenues in the UK.
“Paying the right amount of tax is about fairness and ensuring a level playing field for business.”