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UK Tax policy

We believe that taxes are part of a well-ordered society. To that end, our Tax Policy outlines and describes the governing principles for tax management in DSV.

Introduction

DSV has operational companies in more than 80 countries, all of which are governed by national and international tax legislation. This document outlines the DSV Group’s Global Tax Policy and describes the governing principles for tax management that apply to the entire DSV Group. The overall aim is to be tax compliant and live up to our corporate social responsibility while ensuring a return on investment for our shareholders.

Roles and responsibility

The Board of Directors have overall responsibility for this policy and compliance with tax legislation.

Day-to-day responsibility lies with the Group CFO and the Group Tax department who must manage the DSV tax framework and issue guidelines to ensure that tax legislation is observed and complied with throughout the DSV Group.

At the national subsidiary level, local management is responsible for ensuring compliance with tax legislation as well as DSV’s global tax governance principles outlined below.

DSV’s Global Tax Policy is reviewed on an annual basis by the Board of Directors. Furthermore operational tax matters, including how tax risks are monitored and managed is reported to the Audit Committee on a periodic basis.

Policy

The general tax policy of the DSV Group is to comply with tax legislation and to meet legal requirements, including timely filing of tax returns and tax payments. At the same time, DSV has an obligation to ensure a return for our shareholders by managing tax, in accordance with the tax legislation, to secure a competitive effective tax rate.

DSV pays taxes (direct and indirect) in the countries in which it operates and where profits are generated. DSV’s approach to tax planning is to comply with the DSV tax policy, to support the local and global business activities by ensuring that DSV is not subject to double taxation – and in compliance with both national and international tax legislation.

DSV does not engage in tax planning that moves revenue from high to low tax countries in order to minimise tax payments and does not establish offshore companies unless operative. In connection with mergers and acquisitions, it is a priority to deconstruct any non-operational offshore companies as soon as possible.

Maintaining an open dialogue with tax authorities

DSV has an open, transparent dialogue and a good working relationship with tax authorities both proactively and reactively. DSV makes use of external tax advisors to ensure compliance of transactions as well as tax returns whenever necessary.

Approach to risk management and governance

DSV’s approach to risk management in relation to tax affairs is the same as the overall approach for the DSV Group, carefully monitoring and analysing any risks to achieve the greatest possible level of transparency to ensure the right decisions are made in time to protect the business from any significant financial impact.

UK specific comment:

The Global DSV Tax policy meets the requirements set out in schedule 19 of the UK Finance Act 2016. The Global DSV Tax Policy applies to all companies in the DSV Group.

We confirm that this policy will apply to the following UK companies:

 DSV Air & Sea Ltd
 UTi (UK) Holdings Ltd
 UTi Worldwide (UK) Ltd
 DSV Road Holding Ltd
 DSV Commercials Ltd
 DSV Road Ltd
 DSV Pension Trustees Ltd
 DSV Solutions Ltd
 DFDS Transport Ltd

Approved by the DSV Board of Directors, 7 February 2018

Download the UK Policy here 

 

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