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.