Tax strategy
This tax strategy has been prepared and published in accordance with paragraph 16 (2), Schedule 19, Finance Act 2016, on behalf of PFE Express Limited. This tax strategy is effective from 1 July 2023 and will remain effective until any amendments are approved by the Board.
Being a responsible taxpayer
PFE Express Limited (PFE) recognises that paying taxes arising from its activities is an important part of commercial compliance which in turns supports the community in which it operates. For example, the company tax contributions extend considerably beyond corporation tax and the collection of income tax from employees and includes the payment of employer social security contributions.
The company tax strategy, approved by the Board, is to reasonably minimise tax cost whilst complying with the law. In doing so, PFE ensures it acts in accordance with its ethical and commercial framework. PFE aims to meet all legal requirements, filing all appropriate tax returns and making tax payments accurately and on time.
Tax governance
PFE has clear tax policies, procedures and controls in place which are overseen by the Finance Director.
Tax risk appetite
The company manages its tax affairs in a proactive manner that seeks to maximise shareholder value and as such utilises tax incentives or opportunities for obtaining tax efficiencies where appropriate and where they support genuine commercial activity. The company does not enter into artificial arrangements that lack commercial purpose in order to secure a tax advantage. The aim is to ensure full compliance with all statutory obligations and as a consequence attempt to minimise risk wherever possible.
PFE does not tolerate tax evasion or the facilitation of tax evasion. PFE applies appropriate procedures and controls which seek to prevent any person acting on its behalf from facilitating tax evasion.
Managing tax risk
There are a number of factors that affect the company tax risk and these arise both internally and externally. PFE’s ability to control these factors varies and works to minimise these risks to an acceptable level.
For example:
- New and developing tax legislation is monitored with the assistance of professional advisers.
- Tax risks in relation to compliance and reporting are managed by meeting regularly with professional advisers.
- Risk in relation to tax in general is managed by the Finance Director and if a position is uncertain the company will obtain third-party advice in order to gain clarity or support for a particular stance or approach.
Interaction with tax authorities
PFE’s approach to its tax affairs is supported by an open, honest and positive working relationship with the tax authorities, with regular dialogue. Should any dispute arise with regard to the interpretation and application of tax law, the company is committed to addressing the matter promptly and resolving it in an open and constructive manner.