Tax strategy

By our presence in many countries Orkla contrib utes to society by paying various taxes and charges such as corporate tax, duties, payroll taxes and also indirectly by value added taxes (VAT). The taxes we pay is an important part of our vision for sustainability as well as to operate in a manner consistent with Orkla’s core values and with clear lines of responsibility and accountability. This is recognised by the Group Tax Policy, which establishes a clear and strong Group approach based on openness and transparency in tax reporting and compliance. The Orkla Group companies shall pay the right amount of tax required according to the laws and regulations wherever we have business operations.

Orkla Group Tax Strategy

All Orkla Group companies are committed to conducting their tax affairs consistent with the following objectives:

• Comply with all relevant laws, rules, regulations, reporting and disclosure requirements in all countries in which the Group operates
• Ensure that the tax strategy at all times is consistent with the Group’s overall strategy, its approach to risk, and the Group Corporate Responsibility
• Apply professional diligence and care in the management of all risk related to tax matters, and ensure that governance and assurance procedures are appropriate
• 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
• Foster constructive, professional and transparent relationships with tax authorities, based on the concept of integrity, collaboration and mutual trust.