Managing tax risks
Veryan actively seeks to identify, evaluate, monitor and manage risks in relation to the interpretation of complex tax law and compliance arrangements to ensure it remains in line with our objectives.
As a component of the overall internal control framework applicable to the Company’s financial reporting system, the Company operates a system of tax risk assessment and control. It seeks to reduce the level of tax risk arising from the Company’s operations as far as is reasonably practicable by ensuring that reasonable care is applied in relation to all processes which could materially affect its compliance with its tax obligations. The Company is also within the scope of the ‘Senior Accounting Officer’ legislation under which steps are taken to establish and maintain appropriate tax compliance arrangements.
Where there is significant uncertainty or complexity in relation to a risk, external advice may be sought.
In relation to any specific issue or transaction, the Board is ultimately responsible for identifying the risks, including tax risks, which need to be addressed and for determining what actions should be taken to manage those risks, having regard to the materiality of the amounts and obligations in question.