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Global economic integration undermines the effectiveness of national corporate taxation regimes. Being able to shift their revenues to states where they pay little tax, multinational corporations (MNCs) legally minimise what they pay. However, corporations’ reputations are precious assets that they may jeopardise if they are widely perceived to not be paying their ‘fair share’ of taxation. Does this affect corporate perspectives? We first consider the reality that the global economy is both geographically and economically concentrated. This market and geographical concentration is the source of MNCs’ power and it affects their strategic perspective on minimising tax payments. It also supports a liberal preoccupation with shareholder value that reflects the institutional context of their major headquarters: the US. Second, we analyse indices of corporate reputation to demonstrate how this perspective dominates other attributes, particularly social responsibility. Third, we consider corporate responses to recent inquiries. We find that a liberal ideological belief in free markets and a focus on shareholder value dominate corporate conceptions of legitimacy. We therefore conclude it is unlikely MNCs will voluntarily pay their fair share of tax, but that in declaring their right not to do so they have opened the way to national and international re‐regulation.