Because of the worldwide nature of our business, Tigers Group ("Tigers” or "Group”) operates in twelve jurisdictions across the globe. It is important to the Group that we pay our fair share of tax where we operate.
At the same time, we operate on a globally competitive environment and we work to ensure that we pay tax only once on the same profits.
The commercial needs of Tigers are paramount and all transactions and associated tax planning will be undertaken with a business purpose in mind, or a commercial rationale.
Due consideration will be given to Tigers reputation as well as the legal and fiduciary duties of the Group’s directors and its employees.
We aim to pay the right amount of tax at the right time, on the profits we make, and in the countries where we create the value that generates those profits.
We ensure that we have the mechanisms in place to adhere to the tax principles set out in this Tax Code of Conduct.
We report to Tigers’ Board of Directors on tax strategy and governance. Tigers’ Board of Directors receives annual updates on the Group’s effective tax rate, tax provisions, key tax issues, and on compliance with our tax principles.
The finance team
The tax function forms part of the Tigers’ finance team. The team includes the head of Local Finance in each of the jurisdictions in which we operate and the Group Controller who assist with this. The team reports to the Group Chief Finance Officer ("CFO”). The heads of Local Finance are also responsible for corporate taxes (including national, federal, state and provincial taxes; indirect taxes (including customs duties, VAT, GST and sales taxes); employment taxes; and other taxes. "Other taxes” include services taxes, property taxes; local business taxes, social, church and educational taxes. Advice is sought by the team from external advisors whenever the necessary expertise is not available in-house.
With our tax strategy in mind, we therefore:
Again, with our tax strategy in mind, we shall therefore:
Tigers’ tax function must be involved in the planning, implementation and documentation for:
All business or share acquisitions and disposals;
All changes in corporate structure;
All cross-border financing arrangements;
All significant business transactions;
All cross-border trading transactions;
All significant new processes affecting tax.
The finance team in each affected jurisdiction should be included as part of this engagement.
Where any new cross-border intra group arrangements are being set up, the local tax function and head office must also be involved, and well in advance of any arrangements being put in place so that appropriate inter-company pricing can be designed and documented accordingly in accordance with transfer pricing strategy.
The appointed teams should consider the financial return; cash flow; profit and loss impact; financial risks, costs and benefits. The teams should also carry out a risk assessment; summarise these for Tigers and make their recommendations.
The authority to proceed or to abort will rest ultimately with the CFO, in particular, where there is a level of financial risk, or reputational damage involved.
The tax code of conduct requires that Tigers complies with all laws and disclosures and act with due professional care. To comply with these requirement the Group ensures the tax position as presented in the financial statements of the Group are completed with accuracy and completeness.
The financial statements will reflect all taxes based on earnings for the period that are reported as part of the tax charge and included in, or otherwise noted as forming part of the tax provision.
Absolute transparency is needed between the subsidiary companies and Group’s finance team to ensure appropriate accounting and disclosure decisions to facilitate external reporting and also accurate and complete briefing of the Group CFO.
The tax charge and provisioning decisions should reflect the most up to date information to ensure that the Group will have no significant adjustments to the actual tax charge or tax returns.
Local companies should:
Group reviewers should: