Ensuring all companies pay the right amount of corporation tax
Pillar Two requirements for multinational organizations with consolidated annual earnings over €750 million will enforce a global minimum tax of 15 per cent, regardless of location, to prevent the use of tax havens. The global corporate tax gap is estimated to be around £75-200 billion per year. Research shows that 47% of the UK adult population would be less likely to engage with companies minimizing their corporation tax payments. Older age groups are more likely to switch brands if they are made aware of unethical behavior related to tax planning. Better communication is needed to emphasize the negative impact of corporate tax planning on public services and social inequality. Collectively buying into a fairer society is crucial to influencing corporate behavior.