The Institute of Chartered Accountants in England and Wales has given unambiguous backing to the Fair Tax Mark, saying on its website:
The Fair Tax Mark is an initiative we are right behind. With its launch on 20 February, we think it is a step in the right direction for assessing the quality and transparency of a business' publicly available information of their tax activities.
By permitting businesses to use the fair trade mark, if they score 13 or more out of 20, it will help people better understand how the tax system works and provide confidence that it is working as intended.
We feel that simplicity is key and the public would benefit from having a simple way to tell if a company was paying a fair amount of tax or not. At the moment the Fair Tax Mark only applies to UK based small businesses: it will be much more of a challenge when the mark is extended to multinational businesses.
ICAEW Executive Director, Robert Hodgkinson attended a recent roundtable discussion, organised by the Guardian, and said that all consumers really want to know from a business: has it passed or failed?
At the moment the Fair Tax Mark only applies to UK based SMEs. We wish it well as it seeks to extend its criteria to encompass multinational businesses later this year.
'Thanks' is all I can say to that. Appreciated.
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There’s another article on ICAEW website too:
http://www.ion.icaew.com/TaxFaculty/post/Fair-Tax-Mark
In particular they say:
“ICAEW is very much in favour of any initiative which gets the general public to think about what is a fair tax system and whether existing protagonists are operating fairly and also whether key players in the market place feel their current behaviour should be considered to be appropriate. “
whilst reading the Guernsey news i read the chief minister of Guernsey resigning over his involvement in the channel island stock exchange is it a dodgy entity or what ?
It’s a dodgy entity is the fair conclusion
I think you had better mention the ICAEW endorsement as much as you can, particularly in regard to the media. I will look on the bright side but I think you ought to watch out for some backsliding. To be open, a lot of us in the profession know where the bodies are buried, so to speak. This is an opportunity for all in the profession
with any kind of social conscience, not to breach client confidence, but to make society as a whole aware of just what goes on, often with impunity.
But nothing significant is going to change until HM Revenue & Customs is reformed!
Sadly your last point is true