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Tuesday 26 Nov 2024

Network Rail’s tax conduct given gold standard by Fair Tax Foundation

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National

Network Rail has achieved its first Fair Tax Mark accreditation from the Fair Tax Foundation, demonstrating the company’s commitment to responsible tax conduct.

The Fair Tax Mark is the gold standard accreditation for responsible tax conduct awarded by the Fair Tax Foundation, a non-profit social enterprise that believe companies paying tax responsibly should be recognised and celebrated.

Network Rail was assessed against the foundation’s Global Multinational Business Standard, which contains criteria in areas surrounding transparency, an organisation’s tax policy, country-by-country reporting, tax notes disclosure and cash tax contributions.

Carlos Enrech, Group Head of Tax at Network Rail Group, said: “At Network Rail we believe that transparency and sustainability in both how we work as a group and how we work with our stakeholders is integral to our success, and tax transparency and meeting reporting standards are a key part of that. The Fair Tax Mark demonstrates our commitment in these areas and it’s invaluable to receive acknowledgement of this from a third party as trusted as the Fair Tax Foundation.”

Jaime Boswell, Head of Accreditation at the Fair Tax Foundation, said: “We’re delighted to welcome Network Rail into our movement of progressive businesses championing fair tax practices.

“Network Rail’s newly published Tax Transparency Statement is a great example of this, explaining the business’ economic footprint through detailed voluntary country-by-country reporting data and supporting narratives, as well as confirming compliance with a range of exemplary responsible tax commitments.”

More than 100 parent companies and 250 distinct trading businesses are Fair Tax Mark accredited, including FTSE-listed companies such as SSE and Marshalls, and household names such as Lush, the Coop and Timpson.