This document has been approved by the Board of Directors (the Board) of Technical Absorbents Ltd & Bluestar Fibres Co Ltd., and sets out the company’s policy for the publishing of the tax strategy for the year ending 31 December 2017.
Our overall tax strategy is to:
- Meet all legal requirements and to make all appropriate tax returns and any tax payments in an accurate and timely fashion
- Seek to utilise available tax reliefs and incentives where available in a manner which is consistent with the government’s policy objectives
- Consider the tax impact in major or complex business decisions, for example acquisitions and capital investment
- Operate in an environment where we consider tax in the context of our reputation and brand
- Comply with appropriate tax risk processes, and ensure there is Board oversight into this compliance
Risk management and governance arrangements
Our business want our tax affairs to be transparent and compliant with tax legislation, and recognise that managing tax compliance is increasingly complex. Our internal structure is set up to ensure:
- The Board and Senior Management Team understand the importance of tax compliance and how the business achieves this
- The Board are kept informed by the Finance Department and individuals within that department that are tasked with managing the business tax risk
- The business is committed to ensure that it complies with meeting its tax obligations
- We review our tax obligations on an ongoing basis and always seek external advice from our tax advisors
Tax planning is part of our overall business strategy. Tax planning aims to support the business commercial needs by ensuring that company affairs are carried out in the most tax efficient manner, whilst remaining compliant with all the relevant laws. The business seeks professional advice to ensure that the business decisions comply with UK tax law.
The business looks to pay the appropriate amount of tax, using the tax reliefs and incentives available at the time.
Attitude towards risk
Professional care and judgement will be employed to assess tax risks in order to conclude how they should be managed. Where there is uncertainty in the interpretation of the tax law then professional advice will be sort from our tax advisors.