Grieg UK Tax Strategy:
Grieg UK Tax Strategy
This document sets out the tax strategy undertaken by the Grieg Group to satisfy the UK statutory obligation under Para 16(2), Schedule 19, Finance Act 2016; setting out the Grieg Group`s general arrangements in relation to UK taxation, the attitude to tax planning and dealings with HM Revenue and Customs (‘HMRC’) as well as the group’s approach to tax risk management. In this document, references to ‘Grieg UK’ and the ‘group’ are to all the Grieg Group`s UK companies as set out in Appendix A.
Grieg’s core business covers three main areas, offering services to customers worldwide with over 1,900 committed and enthusiastic employees. These areas cover shipping and logistics, where our services range from efficient port handling to designing and operating vessels; investing, ensuring that each investment has a meaningful impact on the group’s portfolio; and seafood, operating as one of the world’s leading fish farming companies, specialising in salmon.
The Grieg Group is managed with a core principle that we do what we say throughout
the business in all aspects, including our tax strategy.
The overall tax strategy of Grieg UK is to remain open and honest while being
compliant with all applicable UK tax rules. We organise the group and structure our
transactions in the most tax efficient manner possible.
One of Grieg’s core values is to be open and honest and this carries through into the tax strategy of the group, ensuring that we are transparent and act as a responsible taxpayer in the UK. We act with integrity and professionally with regards to UK tax matters.
The strategy requires Grieg UK to ensure that all applicable laws and regulations are complied with. Implementation of internal controls and risk management aid in ensuring that this is achieved and that we remain compliant.
Grieg UK’s internal control policy requires that the group’s goals will be achieved in complying with all laws and regulations – including UK taxation rules. Grieg therefore maintains that all of our affairs are structured in such a way that are in accordance with relevant tax legislation.
Tax is considered with every major transaction and thus is an integral aspect of every significant business decision in Grieg UK.
Tax Risk Management
Grieg UK do not take an aggressive tax position and therefore we are not prepared to
accept a high level of risk.
External advice and guidance is often sought where transactions or other affairs lead to increased or significant risk in relation to remaining compliant with UK tax laws and legislation.
Obtaining external advice on transactions with complex taxation consequences forms part of Grieg UK’s tax planning strategy and ensures that the company operates in a tax efficient manner.
Where necessary, Grieg UK will seek to liaise with the relevant tax authorities when interpretation of tax law may not be certain and judgement must be applied in order to mitigate the level of tax risk.
Dealings with Tax Authorities
Grieg’s principle of being open and acting with honesty extends to all dealings with tax authorities, including HMRC, remaining fully cooperative and transparent in all interactions with the relevant authorities.
Grieg ensures that all dealings with tax authorities are approached with respect,
integrity and veracity.
There may be areas where interpretation of certain tax law differs between parties and when this occurs we ensure that feedback is obtained with ongoing and proactive communication with the tax authorities in order to bring about a fair and swift conclusion.
Grieg UK Companies
Grieg Shipbrokers Limited
Grieg Seafood Hjaltland UK Limited
Grieg Seafood Shetland Limited
Ocean Quality UK Limited
Collarfirth Salmon Limited
Fish Holm Limited
Vidlin Seafarms Limited
Hjaltland Hatcheries Limited
Lerwick Fish Traders Limited
Shetland Product Limited
Grieg Seafood Isle of Skye Limited
Skelda Salmon Farms Limited
Human Rights in Grieg Shipbrokers
We are committed to respecting internationally recognized human rights in our operations, our value chain, and in the communities where we operate.
We have anchored our commitment to respecting international human rights in international human rights and labour standards, including those expressed in the International Bill of Human Rights and the Declaration on Fundamental Principles and Rights at Work. We are committed to the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights (UNGP).
By respecting human rights, we shall:
not infringe on the human rights of others;
address adverse human rights impacts and;
ensure measures to prevent, mitigate and remediate such impacts.
In December 2021, the Board of Grieg Maturitas adopted a Human Rights Policy. The policy outlines the Grieg Group’s commitment, approach, and responsibility to respecting human rights. The human rights policy interlinks with other policy documents such as our Ethical guidelines, Supplier Code of Conduct and grievance mechanisms. The companies within the Grieg Group act according to the policy’s expectations to ensure respect for human rights in all parts of their business.
The policy follows the six steps of the OECD Guidelines of Multinational Enterprises. As a larger enterprise resident in Norway, Grieg Shipbrokers is under the scope of the Norwegian Transparency Act. The Transparency Act shall promote enterprises’ respect for fundamental human rights and decent working conditions in connection with producing goods and providing services. It shall also ensure the public access to information regarding how enterprises address adverse impacts on human rights and decent working conditions.
We have recently done a gap analysis regarding our work on fundamental human rights and decent working conditions. The gap analysis showed that we must continuously and systematically improve on human rights and decent work. One main challenge is to have a good overview of possible human rights challenges in our supply chains. We have identified and will prioritise the main risks in our continuous work.
There are risks to human rights and decent work in the businesses where we operate. We have recently conducted a risk analysis, which identifies risk of poor working conditions in our supply chain as the primary risk.
To maintain our Human Rights commitments, we have developed a set of operational documents that explain responsibilities and our corporate governance, including ethical guidelines, human rights policy, supplier code of conduct, whistle-blower routines, and data protection policy.
We will yearly publish an account of due diligence according to Section 4 in the Transparency Act. The account will comply with Section 5 of the Transparency Act, and will be included in our annual report.
If you have any questions related to our work on human rights, don’t hesitate to get in touch with us at firstname.lastname@example.org