Tax Governance and Risk Management Policy
This document sets out the Group’s approach to conducting its tax affairs and dealing with tax risks for the year ending 31 March 2021. It complies with the requirements for a published tax strategy under UK legislation and is published in accordance with paragraph 16(2), Schedule 19 Finance Act 2016. All references to tax legislation and tax authority include the policy as applicable to UK tax legislation and HMRC but also apply in other territories in which the Group operates.
Our leadership teams are focused on achieving the long-term sustainable success of our business. We are committed to independence, integrity and delivering high quality in everything we do. These principles equally apply in relation to the Group’s global tax responsibilities.
The Board’s Audit Committee is the most direct channel for communication and interaction with the Board on accounting and tax issues. This policy is owned by the Group Chief Financial Officer, a member of The Economist Group’s Executive Team, and is approved by the Group Audit Committee.
The Group operates in a clear and ethical context. The Economist Group’s guiding principles are outlined in the Annual Report and support all staff to make decisions and adopt position that are consistent with the Group’s attitude towards appropriate commercial conduct. In relation to the Group’s tax obligations:
Relationships with Tax Authorities
Where tax authorities request or encourage it, the Group seeks to establish and maintain constructive relationships.
In the UK, our most significant jurisdiction and headquarters location, we see HMRC as a key stakeholder in the Group. We have a designated HMRC Customer Compliance Manager and, at their request, we aim to have scheduled regular calls or meetings in addition to ad hoc communications and enquiries to ensure ongoing communication.