Fair Tax Week (13-21 June) will celebrate businesses who pay the right amount of corporation tax, on time and in the right place.
Co-ops and building societies which have gained the Fair Tax Mark will be joining the celebrations – including the Leeds Building Society, which is co-sponsoring the week with Pennon Group Plc and Richer Sounds.
Events will include Tax Justice Sunday on 14 June.
More than 50 businesses, including FTSE-listed Plcs, co-operatives, social enterprises and large private business, that between them have more than 7,000 offices and outlets, have achieved Fair Tax Mark certification since its launch in February 2014.
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.
The Fair Tax Mark was pioneered by the Unity Trust Bank, Midcounties Co-operative and The Phone Co-op (now part of Midcounties).
An independent accreditation scheme, it run by Fair Tax Mark Ltd, is a community benefit society. The Mark is awarded following a review of an organisation’s accounts, websites and materials, and focuses on corporation tax paid and on the content and clarity of tax statements in the publicly available accounts.
Co-ops which have gained the Fair Tax Mark include retailers East of England, Midcounties, Scotmid and Radstock, alongside Energy4All, Co-operatives UK and the Co-op Party.
Paul Monaghan, chief executive, Fair Tax Mark, said: “More and more businesses are telling us 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.”
Richard Fearon, chief executive 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.”
A number of activities will take place across the UK during the week, including a marquee event in London to launch the week. All events will be promoted on the Fair Tax Mark’s website.
