Panda – An Overview
Panda is a group which spans domestic and commercial waste management, renewable energy supply, recycling collection & processing, logistics, green fuels and energy recovery. Our staff interact with customers, suppliers and business partners throughout the world. In all our interactions and business activities, we are committed to the highest standards of honesty, integrity and transparency.
Introduction to Panda’s Tax Strategy
Panda is committed to effective tax risk management. Panda’s tax affairs are managed in line with its overall high standards of corporate governance.
Tax Objectives
Panda is committed to ensuring compliance with relevant laws and filing obligations to achieve the following overall objectives in relation to tax:
- ensuring compliance with all relevant laws and regulations to ensure that the correct amount of tax is paid;
- paying the appropriate amount of tax at the appropriate time;
- ensuring that any transactions undertaken to grow the business are implemented tax efficiently in accordance with all relevant tax law and legislation of all the jurisdictions in which it carries on business; and
- maintaining a reputation as a fair contributor to the economy of the relevant jurisdictions in which it carries on business and applying tax rules in good faith and in the spirit they were intended.
Tax Governance
Ultimate responsibility for tax strategy, the supporting governance framework and management of tax risks sits with the senior management of Panda.
Panda has established a tax function, staffed by qualified tax professionals who collectively have the appropriate level of knowledge and skills to manage Panda’s tax affairs and monitor tax risks across the business. In addition to its oversight role, the tax function provides tax advice to Panda, undertakes or assists with tax filings, manages the relationship with tax authorities in the jurisdictions in which it carries on business (“Tax Authorities”) and assists with various forms of tax and financial reporting.
External tax advisors are engaged where appropriate to assist with tax matters in jurisdictions in which it carries on business and provide technical support on more complex tax matters.
Panda has in place a Tax Policy which establishes guidelines to ensure:
- the timely and accurate filing of tax returns and other tax filings,
- the accuracy of tax accounting information in financial statements and other reports,
- the timely and accurate payment of tax, and
- the obtaining of tax services from third parties.
All material business transactions are subject to review by management to ensure that they are consistent with the Tax Policy.
Tax Strategy
Panda recognises its social responsibility to pay all applicable taxes in the countries in which it does business and does not engage in inappropriate tax planning strategies to avoid such tax liabilities.
Panda will consider various tax costs and risks when making commercial decisions, making use of available tax incentives and reliefs where appropriate and consideration of different scenarios from a commercial perspective which may result in different tax liabilities. Panda does not interpret tax laws in a manner that we believe is contrary to their intention.
Tax Risk
Panda seeks to comply fully with all relevant tax law and to act in a manner that will allow it to be a responsible corporate citizen. Consistent with its Tax Policy, advice is taken from the Panda Tax Department and external advisors to enable the Board to appropriately manage tax risk and to determine what, if any, action should be taken to manage those risks.
Panda does not set specific limits on acceptable tax risk. Rather, the level of acceptable risk is assessed on a case-by-case basis.
Approach to Working with Tax Authorities
Panda is committed to maintaining an open and transparent relationship with its Tax Authorities, and in particular, commits to:
- make fair, accurate and timely disclosure in correspondence and returns;
- respond promptly to queries and information requests in an open and honest manner;
- ensure all interactions with its Tax Authorities are conducted in an open, collaborative and professional manner; and
- fully disclose and correct any inadvertent errors in submissions to its Tax Authorities as soon as reasonably practicable after they are identified.