Schur acknowledges that taxes and duties are important to our welfare society in Denmark and the countries in which we operate. We focus on being a responsible partner to society and in particular in relation to our total tax contribution.
By paying our share of taxes, we believe that we contribute to UN's sustainable development goals - in particular SDG 16.6 on the development of effective accountable transparent institutions at all levels.
Our tax policy applies to all group entities.
Responsibility and governance
The Board of Directors is responsible for our tax policy. The day-to-day management of the Group and of the subsidiaries are responsible for our tax risk management and compliance. Group finance is involved in all material business developments which may have tax effect so that potential tax consequences can be assessed.
We ensure that we employ adequately qualified and educated employees who have the qualifications and experience required within taxes and duties.
We work together with qualified independent tax advisers in the countries in which we operate. The Group's tax advisers examine the Group's tax returns.
We regularly monitor updates and amendments to tax legislation in the countries in which we operate to assess its effect on the Group.
We maintain a strong focus on tax compliance in the countries in which we operate. We act in accordance with applicable legislation for tax calculation and tax reporting to ensure that we file and pay the correct taxes within the deadlines stipulated.
We only apply business models which are commercially driven. Our tax planning is based on fair and reasonable interpretation of applicable legislation. We include the intention with legislation in our interpretation.
We monitor transfer pricing requirements closely based on the principle that a suitable tax amount must be paid where the value is created. We apply the arm's length principle on intra-group transactions. The Group's transfer pricing documentation is updated every year.
We have no companies in low-tax countries and we do not apply any special tax optimisation models designed only to save tax without commercial contents.
We pay taxes on profits where profits are generated.
Our tax policy also applies to our relationship with our employees, customers, suppliers and partners. Schur is not instrumental in employees, customers, suppliers and partners obtaining any tax benefits in connection with transactions relating to Schur.
Our relationship with the tax authorities
We aim at having a good relationship with the tax authorities - in Denmark and abroad - to minimise potential disagreements and double taxation.
From time to time, governments approve new tax rules for purposes of intensifying certain activities, e.g. Investments or development activities.
We cherish such initiatives as it enables us to develop Schur as a sustainable business. Therefore, we make use of these initiatives where relevant.
Support efficient tax systems
We support the development of efficient tax systems, tax legislation and administration.
By providing user-friendly information on our tax position, we believe that we contribute to increasing the trust in our business and our tax payments. We have decided annually to publish the following in our consolidated financial statements:
Last approval by the Board of Directors of Schur International Holding a/s on 27 August 2021.