The Malta-based technology specialist is in the process of converting from a private owned company to a co-operative. And despite the possibility of paying less tax because the company has offices in Malta, it has insisted on paying UK taxes because its income is UK based.
VME joins a growing list of organisations that have received Fair Tax Mark accreditation, which demonstrates businesses that are paying tax in a responsible way. Some 50 businesses have already been certified, including FTSE-listed plcs, co-operatives, social enterprises and large private business – who between them have income of £50bn. Their commitment to tax transparency helps consumers understand more about their tax practises and make informed spending decisions.
Steve Gill, chief executive of VME Retail, said: “The directors and shareholders of VME have always believed in the principle that everyone needs to pay fair tax.
“Even when faced with the opportunity to reduce our tax by routing profits through our Maltese software development office, we rejected it because our income is UK based, and therefore our tax should be UK based as well. That is why, when we discovered the Fair Tax Mark existed, we were keen to obtain the mark to recognise the way we’ve been running our business.”
Paul Monaghan, chief executive of Fair Tax Mark, said: “We are pleased to announce the Fair Tax Mark certification of VME Retail. At a time when the public is growing used to headlines about big corporates shifting profits to tax havens and minimising the contributions they make to the public purse, it’s refreshing to see a business that is proud to say what they pay.”
- VME’s Steve Gill will give a talk on the future of payment systems at Co-operatives UK’s Co‑operative Retail Conference, which is being held in Cheshire from 8-10 March.