As the first FTSE100 company to achieve Fair Tax Mark accreditation back in 2014, it has championed the need for a culture of openness, transparency, and pride in paying a fair share of tax. It remains the only FTSE100 business to be accredited eight years in a row.
Welcoming the announcement, Gregor Alexander Finance Director, SSE, said: "Over the past 18 months, tax has never been more important as we work to support vital public services and a green resilient economic recovery from coronavirus. As a business we are committed to transparency and paying our fair share of tax that goes towards funding this recovery. This is why we continue to put so much importance on our Fair Tax Mark accreditation – an independent standard that demonstrates businesses pay the right tax, at the right time and in the right way."
Gregor continued: "We're proud to have achieved the accreditation for another year and continue to champion the Fair Tax Mark and its principles. We're also pleased to see the Fair Tax Foundation's recent announce of its new international tax standard, which is a timely development as international collaboration around tax avoidance continues to strengthen."
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Paul Monaghan Chief Executive, Fair Tax Foundation, added: "SSE was one of the early pioneers of the Fair Tax Mark, and the first FTSE 100 company to gain the gold standard of responsible tax conduct. Through securing the Mark every year since then, and by continuously producing transparent and comprehensive user-friendly tax reports, they have cemented their position as a leader in corporate responsibility. The support from SSE has contributed to the growth of the Fair Tax Mark and our position of now being able to offer it to multinational enterprises headquartered outside the UK through our Global Multinational Business Standard."
In line with the Fair Tax Mark guidelines, SSE firmly believes that tax should be paid in the jurisdiction where the economic activity occurs. Tax affairs of large companies can be complicated, but SSE believes there is no reason why the explanation of the key elements of its contribution needs to be, and the overriding objective has always been to disclose the most important aspects of the tax contribution SSE makes in the places it operates.
It has published its annual Talking Tax booklet report which outlines the most important aspects of the tax contribution SSE makes and shows that in 2020/21, SSE paid £397m of taxes to the UK Government and €20m in Ireland. This is in addition to its contribution of £5.2bn to UK GDP and a further €439m to GDP in Ireland. The report also reflects on the role of international collaboration on the tax large multinational businesses pay and makes the link between good climate policies and well-designed tax policies.
SSE fully supports the aims and objectives of the Fair Tax Mark to abide by, not just the letter of the tax rules, but the spirit too and it is determined to continue to do so and encourage other organisations to achieve the stringent Fair Tax Mark accreditation standards.
