Tax Strategy Statement
Reference period: 1 March 2017 – 28 February 2018
Our vision for tax is to be a responsible corporate citizen, contributing the right amount of tax to society at the right time and in the right tax jurisdiction and claiming reliefs and incentives where available whilst maintaining our integrity and corporate reputation and continuing to deliver value for our shareholders.
In this statement, we set out our strategy for conducting our tax affairs and managing tax risks.
Commitment to compliance
We are committed to complying with tax law and practice in the UK. For us, compliance means paying the correct amount of tax in the right place at the right time and claiming reliefs and incentives where available. This involves disclosing all relevant facts and circumstances to the tax authorities and operating in line with the commitments of this strategy.
The publication of this strategy statement is regarded as satisfying the statutory obligation under Para 16(2), Schedule 19, Finance Act 2016 for the financial year ended 28 February 2018 for Econet Investments Limited and associated companies.
Approach to tax planning
In structuring our commercial activities we always consider – among other factors – the tax laws of the countries within which we operate whilst maintain a high level of integrity with a view to maximising value on a sustainable basis for our shareholders. Any tax planning undertaken will have commercial and economic substance and will have regard to the potential impact on our reputation and broader goals. We avoid planning that is contrived or artificial.
It is inevitable that risks will arise from time to time in relation to the interpretation of UK tax law and nature of our compliance arrangements. We manage our exposure to tax risk by proactively seeking to identify, evaluate, manage and monitor these risks in order to minimise these risks. We conduct our tax planning responsibly and seek external advice where there is significant uncertainty or complexity.
Approach to dealing with tax authorities
We maintain an open and honest relationship in our dealings with HMRC, and engage with integrity, respect and in a spirit of co-operative compliance. Where disagreements arise, our first course of action is to seek to resolve any disputed matters through pro-active and transparent discussion and negotiation.
Approach to tax risk management and governance arrangements
This tax strategy is overseen by the directors of each company. The tax strategy is subject to periodic review.