Institute of Chartered Accountants in England and Wales backs the Fair Tax Mark

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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.