Energy company SSE has become the first FTSE 100 business to be awarded the Fair Tax Mark.
The scheme aims to hold companies to account over their tax affairs and give recognition for responsible tax policies.
The Big Six supplier has been awarded the mark for the third year in a row, which confirms it “has been paying its fair share and reporting on its contribution with the highest standards of openness”.
SSE has published its first ‘Talk Tax’ booklet which explains its tax contributions clearly and includes country-by-country disclosures.
It also outlines SSE’s £867.3 million of total tax contribution in the UK and €53.8 million in Ireland as well as breaking it down by type of tax paid.
The reporting has been heralded by the Fair Tax Mark as the right approach for companies to show their tax affairs in a simple format and building trust in businesses that pay their fair share in the right way.
Corporation tax avoidance is said to cost the UK economy more than £5 billion every year.
Emily Kenway, Director of the Fair Tax Mark, said: “SSE has led the charge in demonstrating its transparency on tax and this year increased it further with more enhanced and detailed reporting. It’s fair to say it’s one of the most transparent companies in the UK when it comes to tax.
“It should be applauded for its willingness to be open, direct and clear about the taxes it pays and the contribution it makes in the countries it operates in. Government and wider society expect these high standards of business and we want to work with more UK and multi-national companies to help them build trust and show they’re acting responsibly and within their letter and spirit of the law.”