Alltech Tax Strategy
Alltech has a substantial businesses and employment presence in many countries around the globe and we pay our share of tax, including corporation and other business taxes, as well as tax associated with our employees.
Our Tax Principles
Our tax guiding principles include that tax planning and transactions must have a business purpose or commercial rationale. We carefully manage the tax risks, cost, and compliance inherent in every commercial transaction.
We do not engage in artificial arrangements to avoid taxation. We adhere to relevant tax law and we seek to minimize the risk of uncertainty or disputes.
The Tax function work closely with the business stakeholders to carefully manage and mitigate tax risk associated with business undertakings.
We seek tax advice and opinions from reputable external advisors in respect of material business transactions. Significant tax planning is subject to internal review and an approval process.
Our senior management team review such tax planning strategies with the head of tax and provide stakeholder’s approval prior to the implementation.
Furthermore, we engage reputable service providers to prepare our income tax filings to ensure we comply to each tax jurisdiction’s tax filings and reporting requirements.
Tax Risk Management
We follow Alltech’s risk management system as part of our internal control processes. We identify, assess and manage tax risks and account for them appropriately. We implement risk management measures including controls over compliance processes and monitor their effectiveness.
Significant tax planning is subject to internal review and an approval process. We seek tax advice and opinions from reputable external advisors in respect of material business transactions.
Working with Tax Authorities
Our dealings with tax authorities are handled proactively, constructively, and transparently. We recognize that courteous and early resolution of risks are in everyone’s interest, and we respond to feedback from tax authorities.