Group Tax Strategy (year ended 31 January 2021)

Group Tax Strategy (year ended 31 January 2021)

Tax planning

Harvey Nash operates in 18 countries and is subject to multiple tax regimes and regulations. We aim to ensure compliance with all laws and relevant regulations in the jurisdictions we operate in, and make full and timely submissions to the tax authorities when satisfying our tax reporting requirements.

The Group’s tax strategy consists of ensuring compliance through centralised coordination of tax across the Group, within a framework of fulfilling our fiduciary duties to shareholders and supporting our long-term strategy, by avoiding tax risks and inefficiencies in the implementation of business decisions.

The tax affairs of the Group are managed by a team of qualified professionals who are provided training to ensure tax compliance is undertaken with a suitable level of diligence and technical expertise. We seek support where appropriate by engaging external advisors and legal counsel to obtain opinions on tax legislation and principles.

Managing tax risk

The Group’s appetite for tax risk is low and we will not enter into tax planning, transactions or structures that could be considered lacking a clear commercial business purpose.

In making commercial decisions we take tax into account in the same way as any other costs. Where there is more than one way of legitimately structuring a commercial business arrangement we may implement the alternative with a lower tax cost, provided it is compliant with law and relevant regulations.

We recognise our obligation to pay the amount of tax legally due in the territory the liability arises. Our approach to transfer pricing follows the “arms-length” principle as outlined in the OECD Transfer Pricing Guidelines.

Tax governance

The Harvey Nash Group Audit Committee perform an annual review of the Group tax strategy.

The Executive Directors are informed by management of any tax law changes, the status of all tax audits and other developments that could materially affect the Group’s tax position.

Dealing with tax authorities

When disputes arise with tax authorities or where there are areas of doubt, such as differing interpretations of the law, we aim to tackle the matter promptly and resolve it in a responsible manner.

We have a transparent relationship with HM Revenue and Customs through regular contact including seeking pre-clearance in relation to complex transactions and business decisions undertaken by the Group.

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