GPS FOOD GROUP – TAX STRATEGY
At GPS Food Group, we are committed to conducting our business with the highest standards of integrity and compliance, including our tax affairs. We believe in responsible tax management to support our economic and social contribution to the UK while fulfilling our legal obligations. This tax strategy outlines our approach to tax management and our commitment to transparency.
Our Approach to Tax Management
Compliance: We are committed to adhering to all pertinent tax laws and regulations. Our primary objective is the accurate computation, reporting, and timely payment of our taxes. At GPS, we are dedicated to complying with tax laws and regulations that are applicable in the various countries and territories where we conduct our operations. We also prioritise nurturing constructive relationships with tax authorities and regulatory bodies. In the United Kingdom, GPS ensures that it prepares and submits both direct and indirect tax returns in compliance with the established UK laws and regulations. This adherence is overseen by:
- Ensuring that our employees possess relevant qualifications and experience.
- Implementing processes and procedures that effectively mitigate risks.
- Leveraging external advisors to review our tax filings.
We are committed to comprehending and mitigating the inherent risks associated with operating on an international scale. We put in place tax management measures, which include controls over compliance processes, and assess their effectiveness. Before engaging in significant transactions, we assess the tax implications and seek guidance from external advisors when necessary, based on our evaluation of the transaction’s risk. We have established procedures to proactively identify, evaluate, manage, monitor, and reduce these risks on an ongoing basis. We actively manage tax risks by staying informed about relevant tax laws and any changes to those laws in the jurisdictions where we operate.
We maintain an external team of experienced tax advisors in each region where we operate and consult with them as needed. Our tax risk management is reinforced by a series of internal tax controls. These internal tax controls are structured around a set of policies and procedures that focus on tax compliance in the areas of direct and indirect tax accounting and reporting.
Transfer Pricing: Our transfer pricing policies adhere to the arm’s length principle, ensuring that inter-company transactions reflect market conditions.
Intellectual Property: We respect intellectual property rights and follow all relevant regulations and guidelines for the use and management of intellectual property.
Tax Incentives: We take advantage of tax incentives and reliefs when they are available and relevant to our business activities, ensuring they align with the spirit and letter of the law.
Transparency: We are committed to transparency in our tax practices. We will disclose all relevant information in accordance with legal requirements and industry best practices. This includes publishing this tax strategy on our website.
Risk Management: We actively manage tax risks to ensure they are aligned with our overall business and financial risk management. We work to minimise tax-related risks while maintaining our commitment to full compliance.
Relationship with HMRC: We maintain an open and collaborative relationship with His Majesty’s Revenue and Customs (HMRC). We engage in proactive communication with HMRC and resolve any queries or concerns in a timely manner.
Our Commitment to the UK
We are proud to contribute to the UK economy and society. We are committed to:
Economic Contribution: Paying our fair share of taxes to support essential public services and infrastructure in the UK.
Job Creation: Creating employment opportunities and contributing to the development of skills and talent in the UK.
Corporate Responsibility: The health, safety and wellbeing of our colleagues are of the highest importance and ensuring these is one of our primary considerations in the way we do business. Caring for our customers is fundamental to the success of our business and we endeavour to serve them to the very best of our ability wherever we operate. We are committed to ensuring that all the food we sell is safe to eat and that our products offer customers both high quality and great value. Maintaining good relationships with our supplier partners remains critical to our own business performance and we work closely with them to manage food safety risk and ensure compliance with current legislation. We also aim to act responsibly and fairly in our engagement with regulators, bankers, insurers and bondholders. We respond quickly and fully to queries from regulators, bankers, insurers and bondholders, providing the last with quarterly updates on our performance and the opportunity for all of them to ask questions of our directors. Our intention is always to behave responsibly and to ensure that the business operates in a responsible manner, adhering to high standards of business conduct and good governance. We recognise that the maintenance of our good reputation, founded on responsible behaviour, is fundamental to our continuing ability to achieve profitable growth for the benefit of all our stakeholders in the future.
Review and Accountability
This tax strategy will be reviewed regularly to ensure its continued relevance and effectiveness. Responsibility for tax strategy oversight rests with the Finance department and is subject to review and approval by the board of directors.
This tax strategy is effective as of 01 July 2021 and will be reviewed and updated as necessary to reflect changes in tax laws, regulations, and our business operations.