I said last weekend that the launch of the new Fair Tax Mark may come to be seen as a turning point in the tax debate, and that the initiative deserves to be considered on its merits. There has been a good deal of debate (mostly on Twitter and blogs) since then, and I would encourage tax professionals who have not yet done so to take a close look at the FTM website and engage constructively in the debate. I’ll look at some of the questions that have been raised shortly.
This week both the Institute of Chartered Accountants in England and Wales (ICAEW) and the top 10 accountancy firm Baker Tilly have given a cautious welcome to the new initiative. They are right to do so, and this is a significant development that could encourage many owners of SME companies to apply for accreditation very soon.
Baker Tilly said the FTM would take a while to establish itself:
“Nevertheless, we welcome this as a promising step towards greater public transparency and accountability in business taxes.”
ICAEW’s Tax Faculty team said the FTM was “an initiative we are right behind”. The public would benefit from having a simple way to tell if a company was paying a fair amount of tax, it said. Continue reading