Driscoll’s Genetics Limited Tax Policy
This strategy applies to Driscoll’s Genetics Limited for the accounting period ending 31 December 2019. In making this Tax Strategy available it is fulfilling its responsibilities under Schedule 19 of the UK’s Finance Act 2016. This strategy has been approved by the Chief Financial Officer of Driscoll’s, Inc. and is reviewed annually.
Governance and tax risk management
Accountability for the tax strategy rests with the Board of Directors of Driscoll’s, Inc. along with the overall stewardship of our risk management systems and internal control environment. Responsibility for the implementation of the tax strategy has been delegated to the Chief Financial Officer supported by the Global Tax Team. The Board is notified of any significant tax issues, risks, or initiatives requiring its oversight or input as required.
In alignment with our core values, Driscoll’s Genetics (the ”Company”) is committed to comply with the tax laws and practices in all the territories in which we operate. Compliance for Driscoll’s Genetics means paying the appropriate amount of tax in all necessary jurisdictions in which we operate and involves disclosing all relevant information to the tax authorities. Driscoll’s Code of Business Conduct guides employee behaviors so that daily decisions reflect our Company Values and align with our Mission. Furthermore, it establishes the ethical standards by which we conduct business.
Tax risks will inevitably arise in relation to the interpretation of tax laws and the nature of our compliance arrangements. Driscoll’s Genetics proactively seeks to identify, evaluate, manage, and monitor these risks. Where there is significant uncertainty or complexity in relation to a risk, from an operational, financial or reputational perspective, external advice may be sought to ensure we remain compliant with both the law and our Company Values.
Attitude toward tax planning
In structuring Driscoll’s Genetics’ business activities, the Company considers the tax laws, rules, and regulations of the countries in which we operate in conjunction with our Code of Conduct. Any tax planning undertaken will have due regard to various critical factors, including the commercial and economic substance principles, the potential impact on our reputation, the Company’s broader business objectives, and the arm’s length principles under applicable transfer pricing rules.
Level of risk that Driscoll’s Genetics is prepared to accept
Driscoll’s Genetics does not have defined levels of acceptable tax risk, but as with other risk, tax is managed within the overall risk framework and risk appetite of the Company. The level of risk that Driscoll’s Genetics accepts in relation to taxation is consistent with the overall objective of achieving as much certainty as possible with respect to the Company’s tax affairs in accordance with our Code of Conduct and Values which define
our ethical standards.
Approach to dealing with tax authorities
We engage with tax authorities with integrity, openness, and respect in alignment with the Company’s Values. Driscoll’s Genetics endeavors to resolve any disputed matters with local tax authorities through reasonable, timely, and transparent communication and negotiation wherever possible.
Where areas of tax law are subject to interpretation or uncertainty, we may engage with external tax advisors and the relevant the tax authorities where possible. We may do so in order to discuss material tax issues with the aim to come to an agreement on the interpretation of tax law to ensure we remain fully compliant in all operations.