Smithfield Foods Group Limited Tax Strategy
23rd December 2022
This strategy applies to, and is published on behalf of Smithfield Foods Holdings Limited, Smithfield Foods Group Limited, Smithfield Bioscience Europe Limited, Smithfield Foods Limited and Pek London Limited. This strategy applies from the date of publication until it is superseded.
The directors consider the publication of the information below as meeting the duty to publish a tax strategy as set out in schedule 19 of the Finance Act 2016.
This document covers all aspects of taxation.
We are committed to:
- following all applicable laws and regulations relating to taxation;
- maintaining an open and honest relationship with HMRC based on collaboration and integrity;
- applying diligence and care in our management of the processes and procedures by which all tax related activities are undertaken, and ensuring that our tax governance is appropriate;
- paying the correct amount of tax having made use of available incentives and reliefs in the manner in which they were intended to be used.
Risk management and governance arrangements
Ultimate responsibility for the risk management, including tax strategy and compliance, rests with our Board. A culture of good governance and compliance is promoted. Appropriate training, oversight and internal controls are implemented and periodically reviewed within the active companies. We will engage professional tax advisers to provide guidance where further expertise is required.
Risk appetite and attitude to tax planning
Our appetite for tax risk is low. Our business model and operating structure remains simple and is not subject to significant judgement in the application of tax law. We seek to manage our business and tax affairs in a straightforward manner and aim to pay the right amount of tax in accordance with the spirit of the law.
We believe in safeguarding our reputation and our relationships with all the stakeholders in our business. We only utilise tax reliefs for the purposes for which they were intended. We do not engage in aggressive tax planning, we do not seek to structure transactions in an artificial manner, and we do not condone, permit, or promote tax avoidance or abusive tax practices.
Where appropriate we will seek external tax advice to ensure compliance is maintained.
Approach towards HMRC
We aim to maintain an open and honest relationship with HMRC based on collaboration and integrity.
We aim to provide all necessary and required information accurately and on time.
We support, comply with and engage with visits, audits or requests for information.
If we discover errors or omissions, we act by disclosing the situation, working to resolve it promptly and put in place measures to prevent recurrence.