Tax and Economic Contribution

Our approach

We recognise the importance of respecting the spirit and letter of the law, including ensuring that tax treatment reflects the commercial reality of our business.

We seek certainty on tax matters where possible. In all our dealings with tax administrations, including where we seek certainty, our relationships are centred on transparency. Where tax administrations have adopted co-operative compliance arrangements, we will favourably consider participation and we actively partner with host country governments, encouraging them to adopt such regimes because we believe proactive transparent discussions about potentially uncertain tax implications are in the interests of both parties.

We allocate value by reference to where it is created and managed within the normal course of commercial activity and we pay tax on that basis. We do not use tax haven jurisdictions to manage taxes and we follow international tax transfer pricing guidelines and local transfer pricing regulations, to ensure that the right value is allocated to each country in which we operate.

We give consideration to utilising tax concessions and incentives which are either offered or generally available and prescribed by relevant statute. These incentives must support genuine business activity and be sustainable.