Welsh Water retains Fair Tax Mark
21 September 2022
Welsh Water has retained the Fair Tax Mark after being the first company in Wales to be awarded it last year.
Welsh Water is the only not-for-profit utility company in England and Wales. Its unique operating model means it has no shareholders and therefore invests any surplus money back into services and to benefit customers.
The Fair Tax Mark is an independent certification, which recognises organisations that demonstrate they are paying the right amount of tax in the right place, at the right time.
With a company vision to earn the trust of its customers every day, Welsh Water joins over 60 organisations which are recognised for managing their tax affairs responsibly and transparently.
Welsh Water already supports over £1 billion of economic activity both through direct investment and via its supply chain. As it invests around £1 million a day in its water and wastewater services, it therefore invested a total of £1.9 billion between 2015-2020, with a further £1.8 billion investment planned for 2020-2025.
This latest accreditation follows Welsh Water being rated the top water company for customer service in the UK by the Institute of Customer Service.
Peter Perry, Chief Executive of Welsh Water said: “Our unique position as the only water company without shareholders in England and Wales means our customers benefit from our not-for-profit model as we invest all our profit directly into the communities we serve. We do this by accelerating investment, keeping bills affordable and supporting customers who may be struggling to pay their water bills.
“We are delighted to retain the Fair Tax Mark, which reflects our commitment to managing our tax affairs responsibly. As an ethical and socially responsible company, transparency in everything we do is important and helps build our customers’ trust in us even further.”