Arkema Group (Legal Entities UK) Our tax strategy in the UK
Arkema group(“Arkema”), publishes this Tax Strategy Statement in accordance with the requirement of the United Kingdom (“UK”) Finance Act of 2016 (“the Act”). It covers Arkema Ltd and other subsidiary companies in the UK either, directly held by Arkema Ltd or another part of the Arkema Group.
Our risk management and governance arrangements in relation to UK taxation
The UK CFO is responsible for overseeing all tax risk management, tax governance and tax compliance issues for all UK companies in Arkema. This includes all UK tax risk management, UK tax governance and UK tax compliance issues. In this capacity the CFO is supported by professional tax advisers and the central tax department of Arkema Group based in France.
Arkema maintains strong adherence to sound corporate governance and ensures that the UK companies are managed with the highest standards of responsibility, ethics and integrity in accordance with the Arkema code which are available at www.arkema.com/en/investor-relations/regulated-information
Arkema’s UK affiliates and their directors, officers and employees are committed to compliance with UK tax laws, regulations and practices. Consistent with the Arkema Corporate Governance Policy and the Arkema code of ethics requirement to comply with all applicable laws and regulations, Arkema’s UK affiliates and their directors, officers and employees operate in full compliance with all applicable UK tax laws and regulations, including the timely filing of all required tax returns, reports and disclosures, paying the correct amount of UK tax at the required time and ongoing maintenance of relevant records and documentation supporting all UK tax return filings and payments.
The level of risk in relation to UK taxation that we are prepared to accept
Arkema’s UK affiliates and their directors, officers and employees exercise reasonable care and due diligence with the objective of keeping potential UK tax risk to an absolute minimum with respect to compliance and planning issues. We maintain a low tax risk tolerance in the UK. Depending on the nature / complexity of a transaction or compliance issue, external advice and support is gained from appropriately qualified external advisers and UK subject matter tax experts in order to eliminate or minimise any UK tax risks that might arise in connections with a UK transaction or UK compliance issue in relation to the correct interpretation or application of UK tax law or regulation.
Our attitude towards tax planning
Where relevant, tax planning for UK transactions is undertaken while ensuring compliance with applicable UK tax laws and associated regulations. Consistency is maintained with the underlying substance and business reason for the transactions. External advisers and UK subject matter tax experts are relied upon to insure that tax planning for material or complex UK transactions reflect a proper technical and reasonable interpretation of governing tax laws and regulations.
Our approach towards our dealings with Her Majesty’s Revenue and Customs (“HMRC”)
Arkema’s UK affiliates and their directors, officers and employees are committed to fully cooperate with HMRC and its representatives in a transparent, collaborative and professional manner.
This Tax Strategy Statement is effective for the year ending December 31st 2020 and will be updated as required by the Act and will remain posted at www.bostik.com/uk, the website of Bostik Ltd, a UK entity of the Arkema Group. This tax strategy applies to all UK entities of the Arkema Group and has been published in accordance with the requirements of the Act.