Vattenfall is the first company outside the UK to be accredited by the Fair Tax Foundation according to the organisation's new Global Multinational Business Standard.
“We are delighted to become the first company outside the UK to have been accredited with the Fair Tax Mark using the new Global Multinational Business Standard. We believe this is another step towards greater tax transparency and the accreditation process has given us confirmation that we have much of the required information and processes in place, but also that we can improve further in some areas,” says Vattenfall's CFO Kerstin Ahlfont.
The Fair Tax Foundation today launched its new international 'Fair Tax Mark Global Multinational Business Standard' and at the same time announced their accreditation of Vattenfall, which thereby becomes the first company with headquarters outside the UK to be Fair Tax Mark certified.
“Our tax policy focuses on regulatory compliance and efficient tax management, but since sustainability is the basis of our business, it's also important that Vattenfall is a frontrunner in the tax sustainability area. We should secure that we pay the correct amount of tax in each country we operate in and that tax transparency is a part of this process,” says Kerstin Ahlfont.
Responsible tax behaviour
The Fair Tax Foundation is described as an established standard for responsible tax management and transparency but has so far only been available to companies headquartered in the UK.
'”With the launch of the new Global Multinational Business Standard, which has taken two years to develop, Fair Tax Mark is now open to all multinational companies in the world. We're very pleased to announce that Vattenfall is the first company to be accredited with this new international standard,” says Paul Monaghan, CEO of the Fair Tax Foundation.
The Fair Tax Foundation was launched in 2014 and, with the help of a team of experts in tax law, corporate responsibility and ethical consumption, has developed an accreditation system for responsible tax behaviour.