Published on February 19th, 2020 | by The GC Team0
Richer Sounds co-sponsors Fair Tax Week 2020
Richer Sounds has been announced as a co-sponsor of Fair Tax Week, a UK-wide celebration of the companies and organisations proud to pay their fair share of corporation tax.
Richer Sounds was recertified as a Fair Tax Mark business for the third successive year in 2019. The retailer joins the Leeds Building Society and Pennon Group Plc as sponsors of this year’s Fair Tax Week, which will run from 13th to 21st June.
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.
“Richer Sounds is proud to pay the tax it owes,” said Julian Richer, Founder and Managing Director of the electrical retail business. “It’s only fair that businesses contribute to the infrastructure that enables us to operate, from the roads, which transport our goods, to the NHS for keeping our team healthy, the police that protect our property and the schools that educate our people.
“As a Fair Tax Mark certified business I know that we’re benchmarking our tax conduct against a robust, independent standard. It’s about fairness. Businesses should pay their way and compete on a level-playing field.”
More than fifty businesses including FTSE-listed PLCs, co-operatives, social enterprises and large private business – that between them have over 7,000 offices and outlets – have achieved Fair Tax Mark certification since its launch in February 2014.
At the heart of the scheme is an expectation that businesses commit to exemplar corporate tax behaviour with transparent reporting, shunning the use of tax havens and paying their fair share of corporation tax.
Paul Monaghan, Chief Executive, Fair Tax Mark, said: “Fair Tax Week is an opportunity to celebrate the business leaders championing a different, responsible way to do business. We’re delighted that Fair Tax Week 2020 is being co-sponsored by Leeds Building Society, Pennon Group Plc and Richer Sounds.”