In accordance with UK Finance Act, in relation to corporate tax strategy Peri-dent UK complies with this act under the companies group tax strategy as detailed in the following statement;

Orkla – Updated Group Tax Strategy

In September 2017, the Board’s Audit Committee on behalf of the Board of Orkla ASA approved an updated Orkla Group Tax Strategy. The document sets out the Orkla Group’s strategy, policy and approach in conducting its tax affairs and dealing with tax risks. Our approach to responsible tax management is to pay the correct amount of tax in the right jurisdictions and on time and based on transparency. All group companies must conduct their tax affairs in accordance with the updated tax strategy.

The updated tax strategy document consists of two main parts; the Group Tax Policy and the Group Tax Code of Conduct:

Group Tax Policy

Due to the Group Tax Policy, all Orkla Group companies are committed to conducting their tax affairs consistent with the following objectives:

  1. Comply with all relevant laws, rules, regulations, reporting and disclosure requirements in all countries in which the Group operates
  2. Ensure that the tax strategy at all times is consistent with the Group’s overall strategy, its approach to risk, and the Group directive Corporate Responsibility
  3. Apply professional diligence and care in the management of all risk related to tax matters, and ensure that governance and assurance procedures are appropriate
  4. Use incentives and reliefs to minimize the tax costs when conducting business activities, but not for purposes which are knowingly contradictory to the intent of the legislation
  5. Foster constructive, professional and transparent relationships with tax authorities, based on the concept of integrity, collaboration and mutual trust.

Group Tax Code of Conduct

The Group Tax Code of Conduct outlines the detailed principles setting out how the management of the Orkla Group shall operate with respect to tax matters when supporting the Group Tax Policy. Each Group company is responsible for conducting its tax affairs in accordance with the Group Tax Code of Conduct. The Group Tax Team shall monitor substantial tax risk including compliance and tax optimizing at a Group level. The Group Tax Team will collaborate with at the Group companies to provide guidance and ensure compliance.

Publication of Orkla Group Tax Strategy – UK Finance Act

The Orkla Group Tax Strategy complies with the obligations in the UK Finance Act.  This Group Tax Strategy will also be published online by Orkla ASA and thus; available to the public.

Bjørn Tingvold Senior Vice President/Attorney-at-Law Orkla Group Tax/Orkla Group Legal Orkla ASA