This document as approved by the Board of Sigma Pharmaceuticals Plc, sets out the company’s approach to conducting its tax affairs and dealing with tax risk.
This policy is effective for the year ending 31 August 2017 and will remain in effect until any amends are approved by the Board of directors of Sigma Pharmaceuticals Plc.
The company’s strategy is to ensure that Sigma Pharmaceuticals Plc pays the right amount of tax required of it under the laws and regulations of the United Kingdom.
2. Tax Policy
Sigma Pharmaceuticals Plc is committed to conduct its tax affairs as follows:
a) Comply with all relevant laws, regulations and reporting and disclosure requirements.
b) Ensure that the tax strategy is consistent.
c) Ensure that due care is taken into account in the management of risks associated with tax matters.
d) Build professional and constructive relationships with H M Revenue and Customs.
e) Use all available incentives and reliefs to minimise the tax cost to the company.
3. Tax Code of Conduct
a) Compliance with laws and regulations
Sigma Pharmaceuticals Plc is committed to observing all laws, regulations reporting and disclosure requirements in carrying out its business by continual collaboration with its tax advisors.
b) Consistency with Company strategy
All tax decisions are to made in a manner which is consistent with the Company’s overall strategy. No key business decisions will be made without review of the tax consequences.
c) Assurance and Tax Risk Management
All responsibility and accountability for the Company’s tax affairs and decisions made will be taken at Board level.
It is the Company’s policy to employ professional care and judgement to assess tax risks in order to reach reasoned conclusions on risk management.
Where there is uncertainty as to interpretation of tax law, advice from the Company’s tax advisors may be taken to support the decisions taken.
The review function would involve consideration of the legal duties of directors and employees, the effect on corporate reputation, the tax benefits on the company’s results and the calculation of the risk of penalties and interest.
4. Relationship with H M Revenue and Customs
Sigma Pharmaceuticals Plc is committed to the principal of transparency in its approach to dealing with H M Revenue and Customs. All dealings are always conducted in a courteous and timely manner. The Company aim has always been to reach agreement on disputed matters.
Sigma Pharmaceuticals Plc commits to:
a) Make fair and accurate returns on a timely fashion.
b) Seek to resolve all issues with H M Revenue and Customs on a timely basis.
c) Adopt an open, professional and co-operative relationship with H M Revenue and Customs.
d) Engage with H M Revenue and Customs to discuss strategy and risks.