As the only political party in the UK accredited with the Fair Tax Mark, we’ve long believed that businesses should pay their fair share.
The public agrees: research has found that three-quarters of the UK public would rather shop with or work for a business that can prove that it is paying its fair share of tax.
That’s why we’re partnering with Fair Tax Mark to say any Government bailouts provided to companies due to the coronavirus should have three simple Fair Tax conditions, so in the future tax avoiders cannot benefit from a public purse that they haven’t paid into.
Businesses must publish a binding tax policy that explicitly shuns tax avoidance, the artificial use of tax havens and profit-shifting. Too many multinational companies avoid paying their fair share by fudging where their profits were really made: across the world, some £400 billion of global corporate profits are shifted annually to tax havens. Companies must abide by both the spirit and the letter of the law.
To tell if businesses are abiding by their policies, they must lift the lid on their accounts and publish their profits, loss and taxes paid on a country-by-country basis. After all, companies that have done nothing wrong should have nothing to hide
Businesses must be up front as to who the ultimate beneficial owners of the company are and those with significant control. Anonymously owned companies are one of the key tools used by money launderers and tax evaders to hide their illicit gains. Transparency on ownership and control allows law enforcement and tax inspectors to follow the money and make sure everyone is paying a fair share of tax. Let’s be honest here: anything less looks rather shady.
Do you agree? Add your name now to call on the Government to make sure this is a Fair Tax Bailout.
Promoted by Joe Fortune on behalf of the Co-operative Party, both at Unit 13, 83 Crampton Street, London, SE17 3BQ, United Kingdom.
Co-operative Party Limited is a registered Society under the Co-operative and Community Benefit Societies Act 2014. Registered no. 30027R
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