Ernst & Young call for greater tax transparency
UK businesses and financial professionals need to respond to the public demand for greater tax transparency if they are to revive their reputations and ensure they play a role in the country's economic recovery, according to a new report from consultancy firm Ernst & Young.
The study suggested that only 20 per cent of FTSE 100-listed companies describe their tax strategy in their annual report and accounts, despite the ongoing debate over taxation in the wake of the problems experienced by multinationals such as Starbucks over the course of 2013.
John Dixon, tax chief at the business, argued that these events have whetted the public appetite for transparency in how these affairs are carried out - not to mention the political desire to be seen as bringing rogue companies to heel.
A lack of transparency is now firmly linked to aggressive tax avoidance measures in the public eye, whether or not that is actually the case, the Ernst & Young chief explained. This means that we have now reached a "tipping point", in Malcolm Gladwell's coinage, where calls for better levels of disclosure and clarity can no longer be dismissed.
"Greater transparency provides an opportunity for companies to tell their stakeholders, from their customers, to politicians and shareholders, about their tax policies and their contribution to the economies in which they operate," suggested Mr Dixon.
This is not only important because businesses do not want to be the whipping boys of media figures and politicians looking for easy point-scoring, but because improving their public profile is one way of driving up profitability and working towards economic recovery.
Ernst & Young also pointed out that carrying out transparency measures pro-actively, rather than waiting for legislation to be introduced, will add a further patina of virtue to UK firms looking to improve their reputation.
Greater tax transparency will help re-build trust in UK PLC, says Ernst & Young
Signup to receive the latest discipline specific articles
Related jobs
Salary:
£50,000 - £60,000 per annum
Location:
Wakefield, West Yorkshire
Industry
Business Services
Qualification
Fully qualified
Market
Professional Services
Salary
£60,000 - £70,000
Job Discipline
Qualified Finance
Contract Type:
Contract
Description
You will be joining on a Fixed Term Contract basis, with a salary of £50,000 - £60,000 per annum.
Reference
NH - 183349
Expiry Date
01/01/01
Author
Niamh HellewellAuthor
Niamh HellewellSalary:
£60,000 - £80,000 per annum
Location:
Wakefield, West Yorkshire
Industry
Business Services
Qualification
Fully qualified
Market
Professional Services
Salary
£80,000 - £100,000
Job Discipline
Qualified Finance
Contract Type:
Contract
Description
Based in Wakefield with hybrid working. You will be offered a salary of £60,000 - £80,000 per annum DOE + many other benefits.
Reference
NH - 183348
Expiry Date
01/01/01
Author
Niamh HellewellAuthor
Niamh HellewellSalary:
£60,000 - £65,000 per annum
Location:
Rotherham, South Yorkshire
Industry
Business Services
Qualification
Fully qualified
Market
Professional Services
Salary
£60,000 - £70,000
Job Discipline
Qualified Finance
Contract Type:
Contract
Description
This is a flexible organisation who operate on a hybrid basis. You will be offered a salary of £60,000 - £65,000 per annum
Reference
NH - 183265
Expiry Date
01/01/01
Author
Niamh HellewellAuthor
Niamh HellewellSalary:
£60,000 - £65,000 per annum
Location:
East Riding of Yorkshire
Industry
Business Services
Qualification
Fully qualified
Market
Professional Services
Salary
£60,000 - £70,000
Job Discipline
Qualified Finance
Contract Type:
Contract
Description
This contract will be for a period of 12 Months, offering a salary of £60,000 - £65,000 + benefits.
Reference
NH - 183197
Expiry Date
01/01/01
Author
Niamh HellewellAuthor
Niamh HellewellSalary:
Negotiable
Location:
Manchester, Greater Manchester
Industry
Professional Services
Qualification
Fully qualified
Market
Professional Services
Salary
£60,000 - £70,000
Job Discipline
M&A
Contract Type:
Permanent
Description
Marks Sattin are delighted to be partnered with a leading Advisory boutique, where their Transaction Services team are looking to recruit a Executive and Manager into the team based in Manchester.
Reference
BBBH187465
Expiry Date
01/01/01
Author
Daniel HortonAuthor
Daniel HortonSalary:
Negotiable
Location:
Manchester, Greater Manchester
Industry
Professional Services
Qualification
Fully qualified
Market
Professional Services
Salary
£80,000 - £100,000
Job Discipline
M&A
Contract Type:
Permanent
Description
Marks Sattin are delighted to be supporting our client, a growing Corporate Finance team in recruiting an experienced Transaction Services Associate Director / Director to be based in Manchester.
Reference
BBBH187424
Expiry Date
01/01/01
Author
Daniel HortonAuthor
Daniel HortonSalary:
Negotiable
Location:
Manchester, Greater Manchester
Industry
Professional Services
Qualification
Fully qualified
Market
Professional Services
Salary
£80,000 - £100,000
Job Discipline
Restructuring
Contract Type:
Permanent
Description
Marks Sattin are delighted to be currently recruiting for one of the UK's market leaders in Restructuring and Business Recovery.
Reference
BBBH161717
Expiry Date
01/01/01
Author
Daniel HortonAuthor
Daniel HortonSalary:
Negotiable
Location:
London
Industry
Professional Services
Qualification
Fully qualified
Market
Professional Services
Salary
£100,000 - £125,000
Job Discipline
M&A
Contract Type:
Permanent
Description
Marks Sattin are delighted to be recruiting for an opportunity to lead and develop the Lead Advisory - M&A / Corporate Finance team within an established and highly reputable M&A Advisory boutique.
Reference
BBBH164804
Expiry Date
01/01/01
Author
Daniel HortonAuthor
Daniel HortonSalary:
Negotiable
Location:
London
Industry
Professional Services
Qualification
Fully qualified
Market
Professional Services
Salary
£175,000 - £250,000
Job Discipline
M&A
Contract Type:
Permanent
Description
Marks Sattin are delighted to be supporting our client - an ambitious and reputable Corporate Finance firm in seeking a highly experienced and accomplished M&A Partner.
Reference
BBBH179976
Expiry Date
01/01/01
Author
Daniel HortonAuthor
Daniel HortonSalary:
Negotiable
Location:
London
Industry
Professional Services
Qualification
Fully qualified
Market
Professional Services
Salary
£100,000 - £125,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
Marks Sattin are delighted to be partnered with a global and leading professional services firm in recruiting for their high performing Valuations team at Manager / Associate Director Grade.
Reference
BBBH168599
Expiry Date
01/01/01
Author
Daniel HortonAuthor
Daniel Horton