LOCAL AM BACKS FAIR TAX WEEK
Dawn Bowden AM for Merthyr Tydfil and Rhymney is backing Fair Tax Week. Dawn said “Given the cuts to many vital services it is important that we back those who pay their fair taxes”
Dawn is backing ‘Fair Tax Week‘ (6-14 July), a UK-wide celebration of the companies and organisations that are proud to pay their fair share of corporation tax, and Church Action for Tax Justice’s ‘Tax Justice Sunday’ (7th July).
Dawn said: “Every year, billions of pounds are missing from the UK’s public purse because companies choose to avoid paying their corporation tax.
“This tax avoidance causes huge damage. Small businesses cannot compete because it is not a level playing field. Money funnels upwards contributing to growing inequality. Democracy is undermined as companies play by their own rules, and less money is available for the vital public services we all need.”
Dawn is also backing the call by Finance Minister Rebecca Evans AM and encouraging local businesses and organisations to find out more about Fair Tax, and become part of a growing UK-wide network leading on responsible practice, changing the tax landscape for the better, and taking pride in the tax they pay.
Paul Monaghan, Chief Executive, Fair Tax Mark, said: “Corporation Tax is often 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.”
The issue of ‘fair tax’ rose to prominence as it emerged high profile businesses had been avoiding paying corporation tax – which not only distorts the UK economy but also undermines the opportunity for business to compete fairly. It is has been estimated that €600bn of corporate profits are annually shifted to tax havens, with corporate tax revenue losses globally of €200bn per year – which equates to approximately £7bn of missing revenues in the UK. Polls of consumers and the public consistently reveal that one of their biggest concerns about business is the fair payment of tax.
For more information, see: www.fairtaxmark.net