Newton Derby, part of the Winder Power Group, an accredited Fair Tax Mark business/organisation, is proud to be part of the first UK-wide Fair Tax Fortnight.
Fair Tax Fortnight is a celebration of all businesses and organisations that agree companies should pay the right amount of corporation tax at the right time and in the right place, and who overtly shun the artificial use of tax havens and contrived tax avoidance practices.
Newton Derby is part of a growing list of organisations that proudly display the Fair Tax Mark, including Lush Cosmetics, The Co-operative Group and FTSE 100-listed SSE plc.
Elizabeth MacKenzie at Newton Derby said: “We’re pleased to be able to demonstrate to our customers/clients that we consider fair and timely payment of tax as a key business standard. It’s great to have Fair Tax Fortnight as a way to draw attention to the need for honesty and transparency when it comes to tax, for the benefit of everyone.”
The issue of ‘fair tax’ rose to prominence as it emerged high profile businesses had been avoiding paying corporation tax – which not only distorts the UK economy but also undermines the opportunity for business to compete fairly. It is has been estimated that €600bn of corporate profits are annually shifted to tax havens, with corporate tax revenue losses globally of €200bn per year – which equates to approximately £7bn of missing revenues in the UK. Polls of consumers and the public consistently reveal that one of their biggest concerns about business is the fair payment of tax.
Meg Hillier MP, Chair of the Public Accounts Committee, said: “Too often, tax makes the headlines for all the wrong reasons. It’s great to see an initiative like Fair Tax Fortnight, which celebrates the many, many companies and organisations that are seeking to do the right thing and are proud to pay their fair share of corporation tax. Polls of consumers consistently reveal that one of their biggest concerns about business is the fair payment of tax, so it makes sense for responsible business to respond constructively on these issues and to communicate their good conduct assertively.”
Newton Derby joins other Fair Tax Mark accredited businesses in celebrating Fair Tax Fortnight, with organisations taking part in a range of activities, including business sector briefings, events and blog posts to help encourage more businesses to commit to Fair Tax standards.
Paul Monaghan, Chief Executive, Fair Tax Mark said: “Corporation Tax is often presented as a burden, but it shouldn’t be. Not when considered against the huge array of public services it helps fund – from education, health and social care, to flood defence, roads, policing and defence. It also plays a crucial role in holding the whole tax system together – helping to counter financial inequalities and rebalance distorted economies.”