Avaaz petition asks bankers to pay their fair share of tax

Campaign website Avaaz is calling on people to sign a petition to the EU parliament, in order to ensure transparent financial transactions within banks in a bid to discourage tax avoidance.

Over 200,000 have added their names to the campaign, which is aiming for significant changes in the way banks manage their profits.

“We call upon you to support the proposal to ensure greater transparency rules and require banks to disclose their taxes and profits on a country-by-country basis”, the petition says.

Earlier this week, the EU parliament asked for stricter disclosure rules that could require banks to reveal their profits and taxes for each country in which they operate.

The Avaaz team claims that the most crucial governments, including the UK and Germany, are opposed to the proposal and are instead backing the banks’ confidentiality.

The petition adds, “Big banks are hiding billions in tax havens around the world. In hours, the European parliament can push through a reform to make them pay their fair share of tax on their already oversized profits.”

The initiative comes after a troubled 12 months for banks.  However in January, Barclays chief executive Antony Jenkins claimed the institution would be adopting a new set of ethical values, while Bank of England governor Mark Carney said earlier this week that banks should focus on their core principles to rebuild their image for society.

To add your name to the Avaaz petition, click here.

Further reading:

Will Barclays become the world’s first ethical banking superpower?

Jenkins promises a ‘better Barclays’ after unveiling ethical strategy

Mark Carney must lead Bank of England down a sustainable path

Has your bank been naughty or nice this year?

The Guide to Sustainable Banking 2012