Infineum Group entities pay corporate income taxes, withholding taxes, and other local taxes. In addition, they collect and pay employee taxes as well as indirect taxes such as excise duties and VAT. The Infineum Group is committed to full compliance with tax laws and reporting in jurisdictions in which it does business.
Risk Management and Governance in relation to Taxation
Under the guidance of Infineum International Limited’s Board of Directors, Infineum Group management is responsible for maintaining a sound system of risk management and internal control and for regularly reviewing its effectiveness. This system, which covers taxation, forms an integral part of the Infineum Group’s Compliance and Assurance Framework (CAF), including its internal policies concerning risk management and internal controls.
The CAF extends to operations throughout the organisation which could have an impact on risk management and governance in relation to taxation.
Approach to Tax Risk
The Infineum Group has a low tolerance approach towards tax risk, and has effective controls in place for compliance with tax laws and reporting.
The Infineum Group seeks tax advice on a range of matters in the normal course of its business and engages a global external tax adviser. Generally, commercial considerations drive decisions within the business, and tax is one of the factors examined.
Preventing the facilitation of Tax Evasion
The Infineum Group has evaluated its business to identify areas of risk and mitigating controls so as to put in place procedures to prevent facilitation of tax evasion
Relationships with Tax Authorities
The Infineum Group is committed to conducting cooperative, transparent relationships with tax authorities, providing them with timely and comprehensive information in respect of historical, current or future affairs when required.
This document is published by Infineum International Ltd on behalf of all qualifying entities in the Infineum group pursuant to Paragraphs 19(2) and 22(2) Schedule 19, Finance Act 2016 and is intended to comply with all other obligations within Schedule 19 Finance Act 2016, in respect of the financial year ended 31 December 2019.