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Industry News

Published on February 8th, 2019 | by The GC Team

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Fair Tax Mark accreditation for Richer Sounds

Independent multiple retailer Richer Sounds has been recertified as a Fair Tax Mark business for the third successive year, demonstrating its commitment to paying “the right amount of corporation tax at the right time and in the right place.”

It is estimated that £400bn of global corporate profits are shifted annually to tax havens, with corporate tax revenue losses in the UK of approximately £7bn per annum, according to Fair Tax Mark.

Chief Executive of the organisation Paul Monaghan said: “All too often Corporation Tax is 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, which is why it’s so important that more businesses step forward and say what they pay with pride.”

Richer Sounds is part of a growing movement of businesses demonstrating their commitment to tax transparency.

CEO of the retail business Julie Abraham said: “It’s so important to us that we give back to society as a whole, in addition to looking after our colleagues, because our workforce is educated, protected, kept healthy and safe by the people and services that are funded by our taxes.

“We are absolutely committed to paying our share and feel strongly that any business that earns revenue in the UK has a moral obligation to make a fair contribution to the running of this country.”

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