The following sections set out the core principles of how the Managing Directors and Employees of LeadCrest behave in the area of tax with the view to providing all LeadCrest stakeholders; including investors, with more efficient, transparent and responsible investments from a tax perspective.
Our global approach to tax
At LeadCrest, we are committed to comply with both the letter and the spirit of tax laws applicable in all jurisdictions in which we operate. In structuring our investments and our operations, we consider, along with numerous other factors, local and international tax laws and practices. With the assistance of our advisors, we also identify legislative intent in our challenging and rapidly evolving business and tax environment.
We conduct transactions on an arm’s length basis and in accordance with EU and OECD principles. We take steps to benefit from available reliefs and incentives and implement non-aggressive tax planning strategies which aims at avoiding double taxation to maximize value for our Investors. We thrive on transparency and we consider the potential impact of any transaction on our reputation and our Investor’s reputation as a responsible business.
Effective Risk Management
We actively seek to identify, assess, monitor and manage tax risks to the maximum extent possible in order to ensure they remain in line with our objectives and those of our Investors. Where there is uncertainty or complexity in relation to a transaction or a contractual agreement, we seek external advice from several competent tax/accounting/legal advisors. We do not engage in aggressive tax planning. Any transaction is based on sound economic and financial grounds. We do not put in place any arrangements that are contrived or artificial.
Cooperative communication with tax authorities
We endeavor to engage with the tax authorities in an open, transparent and respectful manner, and our goal is one of cooperative compliance. Wherever possible and practical we engage with tax authorities proactively in order to minimize risks and provide certainty to our Investors, through either dialogue, rulings and/or advance pricing agreements.
We appropriately report the relevant and comprehensive facts and circumstances in our filings and interactions with the tax authorities and their officers. We seek to resolve any disputed matter through amicable, open and respectful dialogue.
We file accurate tax returns and (pre-) pay the right amount of taxes in all jurisdictions in a timely manner and in strict compliance with the local tax laws.
Transparency
LeadCrest is transparent on its approach to tax and engages cooperatively in dialogue with stakeholders including Investors on tax risks and compliance matters.
LeadCrest will use best efforts to comply with transparency initiatives relating to tax matters, including compliance with CRS, FATCA, country‐by‐country reporting, the EU Directive 2018/822 (EU Directive 2011/16/EU and its amendments) on mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements (DAC 6) and any other EU and international regulation on transparency and exchange of information.
This includes providing relevant information to our Investors and other stakeholder so that they can report and pay appropriate amounts of tax where required in the jurisdiction of establishment.
Governance
The Head of Tax at LeadCrest is responsible for formulating and implementing a Code of Conduct in relation to tax matters and is responsible for monitoring its compliance with LeadCrest’s business objectives and those of our Investors.
The Head of Tax ensures that tax policies and procedures are in place and maintained and used across LeadCrest. Our teams are briefed on the objectives and the practical application of the Tax Code of Conduct of LeadCrest. The Managing Directors at LeadCrest are responsible for approving and monitoring this Tax Code of Conduct. This Tax Code of Conduct will be updated as needed.