INDICATOR: 11.21.4
Approach to tax burden
A description of the approach to tax, including:
i. whether the organization has a tax strategy and, if so, a link to this strategy if publicly available;
ii. the governance body or executive-level position within the organization that formally reviews and approves the tax strategy, and the frequency of this review;
iii. the approach to regulatory compliance;
iv. how the approach to tax is linked to the business and sustainable development strategies of the organization
i. HELLENiQ ENERGY has a general Tax Strategy which is publicly available and applies to all Group entities.
The relevant reference is included in the publicly available UK Tax Strategy, which is required by law and is disclosed in the Group’s site : UK Tax Strategy – Report_2.pdf
ii. The executive-level position within the organization is Group Tax and Customs Division (GT&CD), which is centrally based in the parent entity, located in the H/O in Greece.
All tax and customs operations/matters, both in Greece and internationally, are centrally operated, supervised and coordinated by the GT&CD daily. All issues are closely monitored, also on a monthly and quarterly basis. The GT&CD has a clear and full view and conduct of all tax and customs affairs, both at an entity and functional level, in all jurisdictions where the Group operates.
The main tasks of the GT&CD include:
- Overall Tax & Customs compliance, in continuous/open cooperation with the competent authorities and internal/external auditors.
- Advisory to all entities/functions regarding all relevant issues.
- Tax planning and optimization, through active tax cashflow monitoring.
- Conduct of all Tax & Customs audits, in all Group companies, following all necessary action, including support throughout the litigation process when necessary. For the Greek entities, all tax aspects are confirmed by the Companies certified auditors, within the annual Tax Certificate process.
- Follow up and adaptation of the relevant provisions of the changing tax and customs regime, at an international level and especially for the entities operating in Greece.
- Investigating potential opportunities for exploiting the inclusion of investment plan projects in favorable Development Law provisions that concern investment incentives.
iii. We seek to comply with all applicable regulations, legislation and reporting requirements and tax payment obligations. We have developed suitable controls and processes to ensure that all of the above are met accurately and on a timely basis. Issues that arise are resolved immediately and, if necessary in special cases, are dealt with at the appropriate level to ensure adequate response, through to the Group CFO and then to the Group CEO if required. HELLENiQ ENERGY applies high standards of tax and customs compliance and is committed to observing all applicable laws, rules and regulations in meeting the Group’s tax and customs compliance and reporting responsibilities in all jurisdictions where the business operates and ensuring that appropriate actions are applied to meet those obligations.
iv. We seek to comply with all applicable regulations, legislation and reporting requirements, as well as tax payment obligations. We optimize the tax position of the Group by applying the relevant applicable provisions, also by investigating potential opportunities for exploiting the inclusion of investment plan projects in favorable Development Law provisions that concern investment incentives.
We act with integrity, full transparency and optimization of the relevant resources, to be efficient with our tax affairs and we make use of available reliefs and allowances always focusing on ensuring compliance with all relevant tax laws and practices.
Our aim is to successfully support the business, through compliance, awareness and ensuring the lawful, normal and efficient operation of the Group.
Tax issues have a key impact not only quantitatively but also qualitatively, for instance with regards to the Group’s reputation and social profile, related to tax compliance and the optimal utilization of the Corporate Social Responsibility actions.
During the evolution of the Group ‘s tax strategy, the economic and social impacts are always and seriously considered.