We shall observe Maersk values, act with integrity and maintain good corporate citizenship in handling the tax affairs of Maersk by complying with applicable regulations, acting in an upright manner towards public authorities and paying taxes as required by law. This means that:
- In each country in which Maersk has controlled activities, we shall identify applicable tax laws and regulations, including transfer pricing rules. We will ensure that these are complied with in accordance with the applicable guidance andpractices.
- Where the tax regulations governing business transactions allow for different interpretations or choices, Maersk will adopt a tax position which must be justifiable and defendable.
- For all major transactions where a tax position must be adopted, the following procedures will apply:
- We shall make a technical assessment and where the intention of the law is not clear obtain an external opinion.
- We shall evaluate reputational risk in the light of commercial purpose and substance, alignment with business activities, clarity of tax position, the documented intention of the legislator and the complexity of transactions.
- We shall structure our business in accordance with our commercial and economic activities and only engage in tax planning which fulfils both of the following criteria:
- compliance with the relevant legislation; and our evaluation of acceptable reputational risk.
- We shall only adopt a tax position if we are prepared to defend it in the appropriate tribunals or courts.
- We shall refrain from claiming or accepting exemptions not granted according to the statutory, regulatory, or administrative frameworks related to taxation, financial incentives, or other issues.
- We are committed to follow established and agreed upon procedures and channels when dealing with tax authority officials.
- In international tax matters, we shall follow the terms of the applicable Double Taxation Treaties, EU regulation and relevant domestic, OECD and UN guidance.
We recognise that our various stakeholders have an interest in receiving appropriate insight into Maersk's management of its tax affairs. We shall comply with all our disclosure requirements. This means that:
- We shall disclose required information to enable the tax authorities to make an informed assessment of our tax liability.
- We shall respond to reasonable tax authority enquiries and make payment of tax liabilities within established due dates, or within a reasonable timeframe where no such due dates are established.
- Where tax authorities ask reasonable, specific and legitimate questions, we shall answer those questions in a straightforward and transparent manner.
- If questions or assessments from tax authorities appear not to be legitimate or are based on misunderstandings of fact or the law, we shall work with tax authorities where possible to identify the issues and explore options to resolve misunderstandings.
- Where relevant, reasonably requested information is not available, we shall timely inform the tax authorities and explore mutually acceptable alternatives.
- We shall work collaboratively with tax authorities to achieve early agreement on disputed issues and certainty on a real-time basis, wherever possible.
- We shall give input to public consultation by national authorities and international organisations regarding the formulation of tax policies, legislation and procedures. Such input will be given through established channels and either directly or via recognised business organisations.
- We shall disclose relevant information to the public and press where reasonable and practicable, subject to business confidentiality.
- Where third parties request additional information on our tax affairs, the Communications Department will handle these requests and evaluate whether this information can be provided.
Within the boundaries set by legislation and practice, we shall support value creation for shareholders by improving profits and cash flow through effective management of tax risks, costs and payments and tax-efficient implementation of major transactions and corporate structure. This means that:
- Where tax legislation and practice permits deductions of costs and losses against income or allows tax exemptions, incentives or reductions, we shall make use of these deductions, exemptions, incentives or reductions.
- We shall ensure that we implement major transactions in such a way as to minimise the total tax costs in the long term.
- We shall pursue all reasonable legal means available to minimise double taxation.
- We shall manage and control operational procedures so that Maersk does not incur unnecessary tax charges or penalties.
- We shall maintain proper procedures to ensure the governance of tax compliance including an effective framework to monitor and mitigate tax risks.
- Where feasible we shall obtain advance agreements or rulings from the relevant tax authorities to remove uncertainty in respect of significant tax exposures.
- We shall participate in good faith in dialogue with public authorities regarding tax procedures and interpretation, where the relevant legislation and guidelines provide facilities for this. This includes participation in reasonable enhanced cooperation programmes or risk-based audit systems building mutual trust and respect.
4.1. The Board of Directors of A.P. Moller - Maersk A/S approves general tax principles and exercises governance over corporate tax affairs through regular updates on our tax positions.
4.2. The Management Board approves the Maersk Tax Principles based on the recommendation of the A.P. Moller - Maersk CFO. The A.P. Moller - Maersk CFO is responsible for the formulation and implementation of the Maersk tax principles.
4.3. Tax Department
- Proposes Maersk tax principles and strategies for implementation to the Group CFO.
- Ensures that the framework for implementing the principles is in place.
- Monitors compliance with the tax principles as part of the tax risk management activity.
- Maintains a tax organisation with appropriately skilled staff and routines designed to support a high level of technical competence in managing Maersk's tax responsibilities.
4.4. The Brand CFO's are responsible for ensuring compliance with the principles in all companies within their respective organisations.
