Centric Brands International Europe Ltd – 2021 Tax Strategy
In compliance with its duty under paragraph 19(2) to Schedule 19 of the Finance Act 2016, Centric Brands International Europe Limited (the “Company”) is publishing its tax strategy for the year ended 31 December 2021.
General Overview
The Company is part of the group of companies headed by Centric Brands Holding LLC (“Parent Company”), a US limited liability company. The Parent Company is a leading lifestyle brands collective, bringing together creative minds from the worlds of fashion and commerce, sourcing, technology, marketing, digital and entertainment. The Parent Company designs, produces, merchandises, manages and markets children’s wear, accessories, bath & beauty products, and men’s and women’s apparel under owned, licensed, and private label brands.
The Company aims to comply with all tax legislation requirements and meet all our tax compliance obligations, accurately and timely. The Company also uses its best effort to obtain and utilise tax relief and incentives where available and maintain transparency with tax authorities.
Tax Risk Management
The Company seeks to reduce the level of tax risk arising from its operations by employing appropriately qualified and experienced employees. We also work with various external tax experts to assist us with completing and filing the corporate income tax, indirect tax, and other tax returns we file each year. Where there are material or non-routine transactions or areas of uncertainty surrounding the interpretation of tax law, we work with external tax experts to assist us in determining how new and existing laws apply to our business operations and initiatives.
Tax Planning
The Company’s tax planning is managed by the Parent Company. Our mission is to make financial decisions on a tax sensitive or optimization basis. We only take positions on tax returns and in our financial filings that we believe are supportable and in line with the intent of the relevant regulations in each jurisdiction. We engage with the relevant business functions and external tax experts to assess the tax treatment of transactions or new business strategies.
Tax Risks
The Company is committed to complying with the spirit and letter of UK tax laws and regulations by choosing the most effective tax method. Considering the scale of our global business, on occasion, risks will inevitably arise in the interpretation and application of tax law. In these cases, it is our practice to consult within the organization at the appropriate level and seek advice from our external tax experts.
Relationship with Tax Authorities
The Company strives to be fully transparent and cooperative with tax authorities. We aim to respond to information requests in a timely manner and ensure that access is given to all relevant information.