SSE achieves the Fair Tax Mark four years in a row
SSE has been awarded the Fair Tax Mark for the fourth year in a row – cementing its long term commitment to play fair by tax. It remains the only FTSE100 company to have been accredited by the Fair Tax Mark.
The Fair Tax Mark is the world’s first independent accreditation for fair responsible tax. It was established in response to widespread public concern about apparent tax avoidance.
To meet the criteria set by the Fair Tax Mark SSE is transparent about its tax affairs in a way that goes well beyond the current requirements of UK company law. SSE has ruled out the use of tax havens, commits to country-by-country reporting and seeks to make clear, transparent statements on its tax strategy.
SSE has also published its second Talking Tax booklet aimed at giving a short, clear and easy to read guide to what taxes it pays and where it pays them. It outlines SSE’s £852.8m total tax contribution in the UK and €71.4m in Ireland in 2016/17, as well providing more details on how the tax was paid in this period.
Paul Monaghan, Chief Executive of the Fair Tax Mark, said: “The Fair Tax Mark is delighted to have been able to accredit SSE for a fourth year.
“The Fair Tax Mark is awarded to companies who are able to demonstrate the highest level of financial transparency and our process requires that each accredited company is reviewed every year. SSE have truly embraced this annual challenge and have worked hard to always improve the way they communicate their financial information.
“Providing an additional 'Talking Tax' document is a great innovation. It ensures that the contribution a business like SSE makes through taxation is set out in a clear and easy to understand way.”
Gregor Alexander, Finance Director of SSE, said: “This is the second time SSE has published a standalone report disclosing its tax affairs. We do this because we believe building trust with our customers and stakeholders – particularly on issues relating to tax – is important to the long-term sustainability of our business.
“However, we also believe that a responsible approach to tax by big business is important to the wider economy too. It’s important for the countries SSE operates in – the UK and Ireland – and we know the principles of responsible taxation are of vital importance to the developing world too.”
By reporting our tax in this way SSE is seeking to demonstrate its tax affairs in a transparent and simple format so that a wide audience of stakeholders and customers can understand SSE’s tax affairs and this helps to build trust in businesses that pay their fair share, at the right time and in the right way.