Agrofare has been awarded the Fair Tax Label, becoming the first multinational company based in the Netherlands to achieve the gold standard of responsible tax behaviour. AgroFair is a global distributor of Fairtrade and organic bananas with an annual turnover of over 100 million euros. Its OK and Latin Pride brands are available across Europe, New Zealand and Korea – and were recently rated as an ‘Ethical Consumer Best Buy’.
AgroFair works with producers in Peru, Ecuador, Dominican Republic, Costa Rica, Panama and Nicaragua. What is unique is that these producers own a stake in the company and have a substantial role in management. This includes the right to appoint a member of the supervisory board and receive a share in dividends.
The Fair Tax Mark is the global gold standard for responsible tax behaviour. It recognizes companies that pay corporate tax at the right time and place. Accredited companies include listed PLCs, cooperatives, social enterprises and large private companies.
AgroFair has paid 24% corporation tax on its profits for the past five years. They say they have gone beyond the requirement through improved country-to-country public reporting, disclosure of beneficial ownership and firm commitments against tax haven abuse and aggressive tax planning.
AgroFair, CEO, Hans Willem van der Waal said: “We are at the forefront of making the international banana trade fair and sustainable. We believe that a fair amount of tax is essential in the countries where profits are made. We are deeply committed to the Sustainable Development Goals. Fairness is an important aspect of our company’s integrity. The tax mark approves for the first time.”
Paul Monaghan, chief executive of the Fair Tax Foundation, said: “The Netherlands is the birthplace of the Fairtrade label, so it is fitting that a Fairtrade pioneer is the first company to receive the Fair Tax mark in the Netherlands. The global movements for trade and tax justice have common roots, both committed to responsible business conduct and fair competition, UK In recent years, numerous co-operatives have been awarded the Fair Tax Label, and we believe that AgroFair’s accreditation will be the start of expansion across Europe. AgroFair is an example of responsible tax behavior and financial transparency. They have adopted country-by-country disclosure of key economic data and although registrations have been established across Europe, including the Netherlands. , they are open about their beneficial ownership. Closed.”
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