This document regarding our approach to taxation in the UK is published by S&B foods Inc in accordance with the requirements of paragraph 22(2) of Schedule 19 of the UK Finance Act 2016. This document is valid for the financial year ending 31 March 2023 and will be reviewed annually and updated as necessary.
Our approach to tax risk management and governance
S&B is committed to maintaining ethical standards and compliance with all relevant laws and regulations, social standards, and internal business policies.
S&B's UK business is overseen by the Overseas Operation Division, which is in turn supported by an experienced Finance and Accounting team based in Japan. Overseas Operation Division's responsibilities include risk management, governance, and supervision with respect to the taxation in the UK. Advice is sought from the accountants to the UK Sales Office where technical support is required.
S&B's business maintains policies of internal control systems as approved by Board of Directors, to deal with various risks, including taxation. As part of the overall risk management and governance arrangements, S&B's business is also supported by external advisors, where necessary.
The level of tax risk we are prepared to accept
We have a low tolerance towards tax risks, and we are committed to maintaining and enhancing our tax compliance processes and controls by ensuring that appropriate training and guidance are provided within our Finance and Tax teams.
Our approach to tax planning
S&B utilizes relevant tax reliefs available to us in accordance with the legislation, with a view to maximizing the shareholder value of S&B. S&B does not implement any tax planning measures which are artificial in nature and does not reflect our commercial reality.
Our approach to dealings with HMRC
S&B aims to maintain a good relationship with HMRC, and to work collaboratively with them in an open and honest manner during any engagement.