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Business leaders raise the bar on corporate tax behavior
The publication of a new set of corporate tax principles by The B Team, a coalition of progressive business leaders, was welcomed by Oxfam today. The principles have been endorsed by companies such as Allianz, Unilever and Vodafone Group Plc.
Winnie Byanyima, Executive Director of Oxfam International said:
“The B Team have raised the bar on what constitutes responsible corporate tax behavior. They have set a new standard for companies that claim to operate ethically - claims that ring hollow if businesses do not pay their fair share of tax. All companies should meet these standards and truly forward-looking companies should do even more.
“The B Team principles are a welcome step forward but there is more work to do on tax transparency. Unless companies are required to publish a detailed financial report for every country where they do business, we simply won’t know if they are paying their fair share of tax. This is particularly important for poor countries which lose $100 billion a year because of corporate tax dodging.”
The tax principles have been launched ahead of the first global conference of the ‘Platform for Collaboration on Tax’ in New York from 14 – 16 February 2018. The Platform is a joint initiative by the International Monetary Fund, Organisation for Economic Cooperation and Development, United Nations and World Bank Group, and is designed to foster cooperation and build consensus around responsible tax practice. The first conference will focus on taxation and the Sustainable Development Goals. Winnie Byanyima, Executive Director of Oxfam International, will be attending and is available for interview.
The B Team was formed by a global group of business leaders to catalyze a better way of doing business. Members include Richard Branson, founder of the Virgin Group; Robert Collymore, CEO of Safaricom Limited; and Ratan Tata, Chairman Emeritus of the Tata Group. Oxfam was a member of the working group set up by the B-Team to advise on the tax principles.
Anna Ratcliff: Mobile: +44 7796993288 / Email: email@example.com / Twitter: @ratcliff_anna
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