Intralox Global Tax Strategy
This document applies to Intralox including its worldwide subsidiary companies (“the Company”) for the year ending December 31, 2022. The Company considers that publication of this document complies with the requirements of Schedule 19 to the United Kingdom Finance Act of 2016. The Company’s tax strategy conforms to the Laitram Business Philosophy which is based on mutual trust and the highest ethical standards. The tax strategy has been approved by the Company’s Directors.
Management of Tax Risks
Tax risks in our entities are managed by the respective regional finance teams (USA, EMEA, or Asia Pac finance teams) as well as the USA tax team of qualified, in-house professionals who monitor the global tax footprint. The EMEA (Europe, Middle East, and Africa) finance team based in the Netherlands handles or oversees preparation of UK tax filings with outside firms as appropriate. The USA tax team provides guidance and support as needed. Advice from outside tax consultants who are specialists within specific fields of taxation is obtained when necessary.
Approach to Tax Planning
The commercial focus of the Company is the primary driver of the business direction. This means that tax planning does not drive the business decisions. The Company’s tax planning seeks complete compliance with each jurisdiction’s tax laws and regulations. The Company does not engage in transactions that lack commercial substance for the purpose of tax avoidance. The Company seeks the advice of qualified, independent, and competent tax advisors globally, including in the UK, to ensure that all tax planning is compliant with the laws and regulations of each jurisdiction. The Company does not employ strategies that use tax havens as a means of avoiding taxation.
Level of Risk in Relation the Company is Prepared to Accept
In accordance with the Laitram Business Philosophy, the Company is committed to ensuring that employees maintain the highest values in all aspects of business operations including the tax function. The Company’s objective is to apply tax law correctly to all its transactions, thus minimizing tax risk. The Company understands that tax laws are complex and must be interpreted and applied to the Company’s commercial activity. The Company’s competent, knowledgeable team of in-house tax professionals manage its compliance and tax risks. When there is uncertainty, the Company seeks professional, independent advice from its external tax advisors.
Approach to Working with His Majesty’s Revenue & Customs (HMRC)
The Company believes in working with tax authorities in a professional and cooperative manner. This policy extends to HMRC, as well as all tax authorities in every jurisdiction where the Company has a taxable presence. The Company is responsive to all HMRC information requests in a proficient manner and on a timely basis.
Published December 2022