ITR Global Tax 50 2022: Paul Monaghan
Chief executive of Fair Tax Foundation
Paul Monaghan has seen the Fair Tax Foundation go from a UK standard for responsible tax to an international business standard. He has overseen its work accrediting multinational groups in 2022.
As Fair Tax Mark (FTM) founder, Monaghan oversaw the launch of the Global Multinational Business Standard in November 2021. More than a year later, this standard has been adopted by a growing number of multinational companies and rebranded as a foundation.
Much like Fair Trade, FTM was a way of certifying companies that take an ethical stand on tax matters. Businesses have to meet a transparency standard and pay the right amount of tax in the right jurisdiction in accordance with the spirit of the law to gain FTM accreditation.
These include infrastructure company Atlantia Group, financial firm Jupiter Fund Management and digital solutions platform Unite in 2022 alone. UK companies that gained accreditation in previous years include cosmetics brand Lush, energy company SSE and retailer Richer Sounds.
Most tax justice campaigns have focused on changing the law and accounting standards. The difference with the Fair Tax Foundation was it was an attempt to change business practices within tax law and accounting standards. It’s about more than reform.