UPL is a leader in global food systems, reshaping the industry with OpenAg. An open agriculture network feeding sustainable growth for all.
With a global population projected to reach 9.8 billion people by 2050, the world needs new ideas and new solutions. With pre-sowing to post-harvest crop care technologies, biosolutions, innovative plant health and post-harvest hybrid platforms, UPL creates more choice, faster access, greater value and new levels of sustainability.
UPL’s tax affairs are responsibly managed, and we are consistently recognised in that way. We believe it to be our obligation to pay the amount of tax legally due in any country and/or territory, in accordance with the rules set by the respective governments. Appropriate payment of taxes is a core element of our corporate social responsibility. We comply with all relevant tax regulations as well as filing, documentation, disclosures and approval requirements in all countries/territories in which we operate.
UPL Europe Limited regards the publication of this tax strategy as complying with its duty under paragraph 16(2) of Schedule 19 of the Finance Act 2016 to publish its Group tax strategy.
Taking each of the requirements of paragraph 16 (2) of Schedule 19 in turn:
The Company is ensuring that we have the resources and processes in place to identify and meet our local and global compliance filing requirements and respond to and or address any related audit issues arising from such filings.
The mission is to accomplish this while working with the operations with the objective to comply in a manner minimising tax risks and inefficiencies supporting business decisions across its business centres worldwide.
The Company actively seeks to identify, manage and minimise any tax risks through the following;
use of external advisors where necessary.
operation of robust internal control systems and
The CFO of the UK group is regularly updated on tax matters by the external advisors. Through this open and regular communication, the tax advisors highlight the importance of tax compliance and managing and minimising tax risk for the UK group. The UK group has defined policies and controls which form the basis of the UK tax strategy and ensure that it remains compliant with the relevant UK tax legislation.
The attitude to tax planning of the Company is to ensure that it complies efficiently with all legal requirements.
Understanding the business operations is the key objective in order to manage tax risk. This allows the Company to review and analyse the required compliance and tax reporting matters. The attitude to tax planning of the group is to ensure that Company complies efficiently with all legal requirements.
The Company consults the tax advisors in key transactions, issues or strategies. The company consults external advisors where appropriate in relation to complex and/or specialist areas of tax where additional expertise and clarification is required. This allows for the appropriate engagement with the relevant departments within the business. Following an appreciation of the facts, a summary and review of the matters will typically be prepared or discussed with the relevant business team. Further conversations and recommendations may take place with the Chief Financial Officer, Legal Director, Human Resources Director or other relevant Senior Executives within both the UK, and wider global group, as appropriate.
The Group’s tax risk appetite requires that, where tax law is unclear or subject to interpretation, its adopted tax position is at least more likely than not to be allowable under applicable tax laws.
The UK Group has an open and positive relationship with HMRC which is maintained through the annual risk review meeting and other regular communications. The UK Group is also committed to making appropriate disclosure of all relevant tax issues through the submission of tax returns and in responding to information requests in a timely manner.
The UK Group adopts a co-operative approach to HMRC enquiries. Further, should any inadvertent errors be identified, the UK Group seeks to amend these as soon as reasonably possible.
This tax strategy was approved by the Board of UPL Europe Limited.