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Tax strategy

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Our tax strategy is based on five fundamental principles

We are committed to managing our tax affairs applying good tax practices and acting transparently, paying taxes in a responsible and efficient manner, and promoting cooperative relations with governments, striving to avoid significant risks and unnecessary disputes.聽

  • Responsible Compliance
  • Tax Efficiency
  • Cooperative Relations
  • Prevention of Tax Risks
  • Transparency

Since the approval of the tax policy by the Board of Directors, many actions have been carried out which are directly based on the five principles in the Tax Policy and reflect the Group's compliance with them.

1. We are aware of our responsibility in the sustainable economic development of the societies in which we operate and that the taxes we pay represent a significant part of their economies.

For this reason, we are committed to the responsible payment of taxes in the countries in which we operate, applying the following action principles:聽

  • We comply with the law, respecting both the letter and spirit of the law.聽
  • We apply the 鈥渁rms length鈥 principle in our intra-group transactions.
  • We adopt our tax positions based on solid economic or business reasons or on commonly accepted practices, avoiding abusive tax planning schemes or practices.
  • We provide true, complete information on our transactions.
  • We prioritize non-litigious means of resolving conflicts when possible and the possibilities offered by legal procedures to strengthen agreements with administrations.
  • Some examples to demonstrate our tax efficiency and defense of the Company鈥檚 interests:

- Complying with the Spanish Code of Good Tax Practices.

- Non-use of special purpose vehicles in tax havens.

- Aligning transfer prices with value creation and the arm鈥檚 length principle.

- Regulations, internal control processes and whistleblowing channel to ensure fiscal compliance.

- An adequate organizational structure and the means to comply with our tax obligations.

- Professional team undergoing continuous training, subject to a common remuneration policy with a contingency plan for key positions.

2. We reconcile responsible compliance with our tax obligations with the commitment to create value for our shareholders.

We do this through efficient management of tax payments and benefits, keeping in mind the Company's global interests and anticipating significant tax risks.

  • Some examples to demonstrate our tax efficiency and defense of the company鈥檚 interests:

- Tax planning aligned with the business and aimed at legitimate optimization.

- Corporate structure aligned with the business and in line with legal requirements and corporate governance standards.

- Applying tax breaks in accordance to all economic players (deductions for research, development, and innovation; freedom to amortize; capitalization of reserves, etc.)

- Supporting publishing the tax incentives in oil contracts from authorities and governments.

3. We are committed to building relationships with tax authorities

These relationships are based on the principles of trust, good faith, professionalism, collaboration, loyalty, and a search for mutual understanding based on reciprocity to facilitate the application of the tax system, increase legal security, and reduce disputes.

  • Some examples to demonstrate our tax efficiency and defense of the company鈥檚 interests:

- Voluntarily presenting our 2015, 2016, and 2017 Tax Transparency Reports to the Spanish Tax Agency.

- Participating in employment forums in cooperation with public administrations (Spain, Brazil, Canada, Portugal, Singapore, United Kingdom, the Netherlands).

- Voluntarily participating in the OECD's pilot program 鈥淚nternational Compliance Assurance Programme鈥 (ICAP).

- Collaborating with international organizations (OECD, UN, and EU).

- Being certified as an Authorized Economic Operator in the EU and Peru

4. We apply responsible tax policies that enable us to prevent conduct that could generate significant tax risks.

We frame the management of these risks within our global risk management policy in order to mitigate or eliminate them, and we ensure the defense of the legitimate interests of the Company if we must assume said risks in the event that common understanding with the tax administration is not possible.

  • Some examples to demonstrate our tax efficiency and defense of the company鈥檚 interests:

- Fiscal Control Framework in line with best standards and validated by an independent expert.

- Incorporating tax risks into the Group鈥檚 core risk management system with low/medium tolerance.

- Approval by the Board of Directors of the Fiscal Policy. Monitoring by the Board of Directors of the implementation of the strategy and the management of fiscal risks at least once a year.

- Concluding mutual procedures and agreements with tax administrations regarding a range of matters.

5. We are committed to transparency being the basis of our actions in exercising tax functions and we endeavor to:

  • Not use opaque or contrived corporate structures to hide or reduce the transparency of our activities.
  • Not operate in tax havens unless it is necessary for business reasons.
  • Comply with the best external reporting standards on tax policy in order to facilitate understanding of our tax contributions and tax policies.
  • Some examples to demonstrate our tax efficiency and defense of the company鈥檚 interests:

- Leaders in Spain in terms of transparency and responsible tax affairs according to studies carried out by various social analysis opinion panels.

- Corporate structure aligned with the business and in line with legal requirements and corporate governance standards.

- Elimination of dormant companies in the corporate structure.

- Incorporating tax-related objectives into 乐鱼体育鈥檚 Global Sustainability Plan.

- Adherence to the B-Team's principles of fiscal responsibility and qualification by the B-Team as "one of the most radically transparent companies".

- Active dialogue with NGOs.

- Publishing our Country-by-Country Report (CbC).

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Honesty and transparency are paramount in our tax matters

We are committed to transparency, accountability, applying the best international tax practices, and promoting cooperative relationships.