Valeo Foods Group Tax Policy
This statement refers to Valeo Foods Group Limited and its subsidiaries (collectively referred to as “Valeo Foods Group” below)
Introduction
Valeo Foods Group is one of Europe’s fastest growing consumer foods producers, with a portfolio of category leading brands, many of them iconic household names. Valeo Foods Group produces and sells over six hundred million units a year from its state-of-the-art manufacturing facilities across Ireland, the UK and Continental Europe. Our international workforce takes great pride in creating the foods our consumers love to eat, and in leveraging the potential of our iconic category defining brands.
Since our formation in 2010, Valeo Foods Group has successfully completed multiple acquisitions across Ireland, the UK and Continental Europe, adding to our portfolio of market leading products and brands that includes Jacob's, Rowse, Balconi, Fox’s Glacier Mints, and Barratt whose histories stretch back over a century and a half. Valeo Foods Group is headquartered in Ireland and exercises strong central oversight while empowering local divisional management teams to execute business strategy.
Objective
The following information sets out the tax strategy for Valeo Foods Group. The tax strategy seeks to optimise the tax structure of the Valeo Foods Group while ensuring that Valeo Foods Group remains compliant with all local tax rules and international best practice. The tax strategy applies to all directors and employees of Valeo Foods Group and is implemented and monitored by the Group CFO.
Accountability and Governance
The Board of Directors of Valeo Foods Group Limited (the “Board”) is responsible for setting the risk management policies and procedures for the Valeo Foods Group. Responsibility for the creation and implementation of the tax strategy rests with the Board. The Board have appointed the Group CFO as the responsible officer for delivering the Valeo Foods Group tax strategy. The Valeo Foods Group employs qualified professionals to manage the local tax compliance in each jurisdiction. Overall responsibility for the Valeo Foods Group tax compliance rests with the Group Director of Taxation under the supervision of the Group CFO and Group Financial Controller. The overall group tax strategy is monitored on an annual basis or more frequently as required. The Group Director of Tax provides support to the local finance teams as required and regularly visits each jurisdiction to review tax policy, local strategy and procedures.
Compliance
As a multinational corporation, Valeo Foods Group acknowledges its responsibility to comply with local tax law and regulations in each of the jurisdictions in which Valeo Foods Group operates. Valeo Foods Group pays significant taxes across multiple tax heads including corporate taxes on profits, employee taxes and national insurance, value added tax and sales tax locally and recognises the importance of the contribution these taxes make to the local communities where Valeo Foods Group operates. In addition, Valeo Foods Group is committed to ensuring alignment with international best practice on tax policy matters and meeting all legal and disclosure requirements in this regard.
Risk management
Valeo Foods Group has made significant investment in an internal expert tax team who are primarily responsible for the identification, management and mitigation of tax risk across each jurisdiction in which the Valeo Foods Group operates. Advice is sought from a suite of Big Four tax professionals to complement this in-house expertise where required. This two-pronged approach is central to Valeo Foods Group’s prudent approach to commercial and reputational risk.
Responsible tax planning and engagement with tax authorities
All tax planning is compliant with relevant local tax law and in line with international norms for multinational businesses of our size and is built around the Valeo Foods Group commercial and operational objectives. Valeo Foods Group seek to proactively engage with local tax authorities on complex tax matters where this is permitted, cultivating open and transparent relationships with those authorities in the jurisdictions in which the Valeo Foods Group operates.
Further information
Responsibility for the above rests with the Group CFO. Rowse Honey Limited (on behalf of the UK sub-group) considers that this Tax Strategy is compliant with its duty under section 161 and Schedule 19 of Finance Act 2016 to publish its tax strategy in the current financial year.
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