PIB Group UK Tax Strategy
In accordance with the requirements of Finance Act 2016, Schedule 19, Paragraph 16(2), PIB Group Limited (“PIB”) publishes its tax strategy for the year ended 31 December 2022.
PIB is committed to full compliance with all statutory obligations and full disclosure to tax authorities.
Tax Risk Management and Governance
Ultimate responsibility for PIB’s tax strategy rests with the Board of Directors.
Operationally, the Group Chief Financial Officer has responsibility for global tax risk management and for ensuring implementation of the Group’s tax risk framework with assistance from the Group Tax Manager. PIB continues to invest in its Tax Team as the Group expands and becomes more diverse.
The Group’s tax strategy aligns to the Group’s wider risk and control framework. Key risks and issues related to tax are escalated to and considered by the Group Audit Risk & Compliance Committee on a regular basis, and to the Board of PIB at the discretion of the Chair of The Group Audit Risk & Compliance Committee.
PIB seeks to reduce the level of tax risk arising from its operations by ensuring that reasonable care is applied in relation to all processes which could materially affect its tax compliance.
Throughout the year, the Group has continued to make acquisitions of companies. Due diligence is completed on potential targets to ensure that tax risks are understood, and actions are taken to ensure compliance with the Group’s tax strategy.
Professional advisers are used to provide advice on complex transactions where there is uncertainty.
The Group recognises it has a responsibility to pay the right amount of tax in each jurisdiction in which it operates and aims to do so while fulfilling its responsibility to its shareholders to structure its affairs in an efficient manner. PIB does not implement aggressive or abusive tax planning. When entering commercial transactions, PIB seeks to take advantage of available tax incentives, reliefs, and exemptions in line with, and in the spirit of, tax legislation.
Relationship with HMRC
PIB is committed to complying with tax laws in a responsible manner and maintaining an open and transparent relationship with HMRC.