INDICATOR: 11.21.4
Approach to tax
Description of the tax approach, including:
i. whether the organization has a tax strategy and, if so, a link to it if publicly available
ii. the governance body or executive-level position within the organization that formally reviews and approves the tax strategy, and the frequency of this review
iii. the regulatory compliance approach
iv. how the approach to tax is linked to the organization’s business and sustainable development strategies
i. The Group has a Tax Strategy, in respect of its UK operations, which is publicly available in English. Please refer to the link UK Tax Strategy Report. The above Tax Strategy is approved annually by the Board of Directors of the parent company and is also applied accordingly, for all Group entities in each jurisdiction.
ii. Responsible from a governance point of view for these matters within the organization is the Group Tax & Customs Department (GT&CD), which is based at the parent entity, located at the head office in Greece.
All Tax and Customs operations/matters, both in Greece and internationally, are centrally overlooked supervised and coordinated by the GT&CD daily. All issues are also closely monitored on a monthly, quarterly, semi-annual and finally annual basis.
GT&CD has clear and complete oversight and manages all Tax and Customs affairs, both at each legal entity and at an operational level, in all jurisdictions where the Group operates.
The main tasks of the GT&CD include:
– Tax and Customs compliance, with continuous/open cooperation and communication with the competent authorities and internal/external auditors.
– Advisory services, advice and guidance, to all entities/functions on all relevant issues.
– Tax planning and optimization, through active and continuous tax cashflow monitoring.
– Managing all tax and customs audits in all Group companies, performing all necessary actions, including support throughout the litigation process, when necessary. For Greek entities, all tax issues are reviewed and confirmed by the Companies certified auditors as part of the annual Tax Certificate process.
– Monitoring and adaptation of the relevant provisions of the changing tax and customs regime, both internationally and to entities operating in Greece, providing suggestions and interpretations where required.
– Investigating potential opportunities, of inclusion of investment plan projects in Incentive/Development Law provisions.
iii. We seek compliance with all applicable regulations, legislation, required declarations and tax and custom payment obligations. We have developed appropriate controls and procedures to ensure that all of the above are met in a timely and accurate manner. Issues that arise are resolved promptly and if necessary, in specific cases, addressed at the appropriate hierarchical level to ensure a adequate response, through the Group CFO and then the Group CEO if required.
HELLENiQ ENERGY applies high standards of tax and customs compliance and is committed to complying with all applicable laws, rules and regulations in fulfilling the Group’s tax and customs compliance and reporting responsibilities in all jurisdictions where it operates and ensures that appropriate actions are taken to fully comply with all such obligations.
iv. We seek full compliance with all applicable regulations, legislation and reporting requirements, as well as tax and duty payment obligations. We optimize the Group’s tax position by implementing the relevant provisions, also by investigating potential opportunities, of inclusion of investment plan projects, in Incentive Law provisions.
We act with integrity, full transparency and optimization of relevant resources to be effective in our tax affairs with the primary objective of ensuring compliance with all relevant tax and customs laws and practices.
Our aim is to successfully support the business through compliance, awareness and ensuring the legal, proper and efficient operation of the Group.
Tax issues have an impact, not only quantitatively but also qualitatively, such as on the Group’s reputation and social profile, related to tax compliance and the optimal use and support of Corporate Social Responsibility actions.
When developing the Group’s Tax Strategy, the economic, social and other impacts are considered in each case with the utmost seriousness and responsibility.