Capita has secured Fair Tax Mark certification and joins the growing movement of responsible businesses who are proud to say what they pay with pride.
The Fair Tax Mark is an independent certification scheme, which recognises organisations that demonstrate they are paying the right amount of corporation tax in the right place, at the right time. In total, more than 50 businesses have now been certified. These include national brands such as Timpson, Lush, and Richer Sounds, FTSE listed companies including SSE and Marshalls Plc., as well as co-operatives, family businesses and social enterprises.
As part of the accreditation process, Capita has chosen to publish their first Responsible Taxation report, which sets out plainly what tax they pay and why, both in the UK and abroad. This also describes how Capita is seeking to remove complexity from its corporate structure, including details around closures of subsidiaries in the UK, Jersey, Luxembourg and the UAE. A commitment has also been made to publish additional country-by-country reporting during 2020, after publication of the Annual Reports and Accounts.
Paul Monaghan, Chief Executive, Fair Tax Mark, said: “We are delighted to announce that Capita is the first major business in the consulting and services sector to achieve the Fair Tax Mark, and is demonstrating a deep commitment to leading edge responsible tax conduct. They have updated their tax policies and reporting, and are simplifying their corporate structure in a progressive manner. It’s great to see Capita ‘say what they pay with pride’, and for this to sit alongside other recent commitments to pay the real living wage and appoint employees to the board.
“The public rightly expects responsible behavior but far too often they’re reading headlines that describe the tactics businesses employ to avoid contributing the tax they should to the public purse.
“It is estimated that annually, due to corporate profits being shifted to tax havens, corporate tax revenue losses in the UK amount to at least £7bn. Just think of the nurses, doctors and teachers we could employ, or the renewable energy infrastructure we could build if that tax was paid as it should be?”