Centric Brands International Europe Limited – 2023 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 2023.
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 and its subsidiaries are 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 and its subsidiaries design, produce, merchandise, manage and market 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 tax compliance obligations, accurately and timely. Management utilizes tax relief and incentives where available and maintains 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. The Company works with various external tax experts to support completing and filing the corporate income tax, indirect tax, and other tax returns each year. Where there are material or non-routine transactions or areas of uncertainty surrounding the interpretation of tax law, the Company works with external tax experts to assist management in determining how new and existing laws apply to the Company’s business operations and initiatives.
Tax Planning
The Company’s tax planning is managed by the Parent Company; financial decisions consider tax sensitivities and / or tax optimization strategies. The Company only takes positions on tax returns and in our financial filings that the Company believes are supportable and in line with the intent of the relevant regulations in each jurisdiction. The Company engages 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, including selection of appropriate tax methods. On occasion, risks 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 is fully transparent and cooperative with tax authorities and aim to respond to information requests in a timely manner and ensure that access is given to all relevant information.