Some thoughts on the @fairtaxmark which recently certified AMT coffee
https://fairtaxmark.net/amt-coffee-fair-tax/ … (1/10)
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The substantive criteria on are quite limited. It t seems like most UK (or UK+ Ireland companies) could get the FTM on basic reporting. Harder for UK multinationals and impossible (no criteria set) for non UK MNCs.pic.twitter.com/9RVI0JENEr
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FTM criteria don’t cover an issue which shows up in AMT’s accounts. The Directors have an interest free loan of around 1 million from the company.
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Is this OK? FTM founder and technical committee member Richard Murphy said “It's just about impossible to think this is motivated by anything but tax avoidance“ about a similar case a couple of years ago https://www.theguardian.com/politics/2015/jan/27/peter-mandelson-400000-pound-tax-free-loan …pic.twitter.com/KH9ljsPATB
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The FTM criteria don’t really help us with clarifying the grey area between totally vanilla unobjectionable tax planning and something that could get you in the newspapers repeating the
#taxmantra . 10/10Show this thread -
[My view is that it is useful to clarify expectations on corporate responsibility/ reporting on tax, w potential for standardising -- but the certification model (like product certification fairtrade ) was not the road to go down, because that debate hasn’t been had]
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End of conversation
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