Background

Pacific (BC) Topco Limited and its subsidiaries (together the “MSX Group”) operates in over 30 countries and are subject to multiple tax regimes and regulations. The Group aims to ensure compliance with all laws and relevant regulations in the jurisdictions it operates in and make full and timely submissions to the tax authorities when satisfying the Group’s tax reporting requirements.

The MSX Group regards this publication as complying with the duty under para 16(2) of Schedule 19 of the Finance Act 2016.

 

Governance, Assurance and Tax Risk Management

The Board of Directors of the MSX Group has overall responsibility for tax. The Board delegates the responsibility to the Group’s Audit Committee which discharges its responsibilities by satisfying itself there is an effective organisation and control environment in place. The Chief Financial Officer (who is also the MSX Group’s Senior Accounting Officer) advises the Board of the tax control environment; the Group Tax Manager is responsible for setting and monitoring the Tax Strategy; the local finance team for each company in the MSX Group are then responsible for implementing and managing the tax strategy and related risk. Audit Committee meetings are held four times per year, and the Group’s tax position is included on the agenda of these meetings as necessary.

The Board approves the Tax Strategy on an annual basis.

 

Attitude to Tax Planning

The MSX Group takes its corporate responsibilities seriously and recognises the need to make its required tax contribution in the territories in which it operates. Where it is appropriate to do so, the MSX Group will structure its affairs tax efficiently, however:

• Tax planning will only be considered in the context of the commercial activities of the MSX Group and in accordance with applicable laws. We only respond to tax incentives and exemptions in the manner in which they are intended;
• The MSX Group undertakes material transactions between group companies on an arm’s length basis in accordance with OECD transfer pricing principles;

 

Managing tax risk

The MSX Group’s appetite for tax risk is low and the MSX Group will not enter into tax planning, transactions or structures that could be considered lacking a clear commercial business purpose.

The day to day tax affairs of the MSX Group are managed by appropriately qualified and experienced employees, along with documented systems, processes and controls, with relevant lines of escalation to the Board. The MSX Group obtains support where appropriate by engaging external advisors to obtain opinions on tax legislation and principles.

 

Approach Towards Relationship with Tax Authorities

The MSX Group strives to maintain professional and open relationships with all tax authorities that it deals with, in particular acting in a cooperative manner with a view to having this approach reciprocated.

 

Compliance with Laws, Rules and Regulations

In line with our values, the MSX Group is committed to complying with all tax laws and regulations in the countries in which it operates.

This Tax Strategy has been approved by the Group Audit Committee on 17 July 2024 and the MSX Board on 23 July 2024 and has effect in relation to the year ending 31 December 2024.